Centrica plc has agreed to acquire Neas Energy A/S (Neas), a provider of energy management and revenue optimization services for decentralized third-party owned assets, for DKK1.6 billion (£170 million) in cash plus adjustments for cash and net working capital.

The acquisition is in line with Centrica’s strategy to expand its route to market services in Europe, and to continue to utilize and build its knowledge of European energy markets in order to benefit from trading and optimization activity, Centrica said

"Based in Aalborg, Denmark, Neas has a business model that is complementary to Centrica’s current Energy Marketing & Trading activities, providing expertise in short-term power trading and asset management in North West Europe, with Centrica’s existing expertise focused on longer-term gas and power trading in the UK and Europe. The transaction also adds enhanced analytics, IT and trading capabilities in Continental Europe," Centrica said

Neas provides customers with route to market and short-term trading optimization services in six European countries. Combined, these customers own 2,500 individual decentralized assets, including windfarms, solar plants and combined heat and power (CHP) plants, with an installed capacity of approximately 8,600 MW. It has also established a short-term trading presence in power, gas and environmental certificates across 18 countries. Neas reported a turnover of DKK20.4 billion (£2.2 billion) and EBITDA of DKK198 million (£21 million) in 2015.

"Neas has developed a business model and capabilities that are able to capitalise on this trend and, combined with Centrica’s existing strengths, this acquisition will allow us to accelerate our energy marketing and trading growth strategy and serve renewable and distributed energy customers at a wholesale level across Europe," said Centrica Chief Executive Iain Conn

Tags:
Centrica   M&A   Direct Energy   Distributed Generation  

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