British Gas owner Centrica has said it will sell off its US energy retail arm in a £2.8 billion deal. Direct Energy, which was bought by Centrica in 2000, will be sold to NRG Energy, allowing the British company to focus on its home markets in the UK and Ireland. Direct Energy has around 4,000 employees and four million customers, making it one of North America’s largest gas and electricity suppliers.
Energy Voice 24th July 2020 read more »
Centrica shares soared after the British Gas owner announced a deal to sell its North America business for £2.9bn and despite sinking to a loss for the first half of the year. The ailing energy provider said it has reached an agreement to sell Direct Energy to NRG Energy for $3.6bn (£2.9bn) in cash. The North American energy supply, services and trading business is being offloaded as part of a strategic shift that will see Centrica focus on its core markets in the UK and Ireland.
Telegraph 24th July 2020 read more »
Centrica also owns a 20 per cent stake in Britain’s nuclear plants and co-owns a North Sea oil and gas business. It has been looking to offload both but sales processes have faltered amid safety outages at the reactors and the plunge in oil prices. Centrica said that it was still focused on completing the sales “at the appropriate time”.
Times 24th July 2020 read more »