Centrica acquires Danish energy management firm

Centrica acquires Danish energy management firm

Centrica has agreed to acquire one of Europe’s leading providers of energy management, Neas Energy, in a deal worth £170 million.

Danish firm Neas trades electricity for wind and solar farm owners and the purchase agreement shows Centrica’s focus on capitalising on the growth of renewable energy.

Centrica CEO Iain Conn said the deal represents Centrica’s change in strategy that recognises “that the energy landscape is rapidly changing, with a trend away from large centralised power generation to decentralised technologies – much of it intermittent renewable generation.”

He added: “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.”

The purchase comes after less than two years ago former CEO Sam Laidlaw issued a manifesto demanding an end to offshore wind and solar farm projects in favour of more big gas plants.

Neas Energy CEO Bo Rydahl said: “Becoming part of Centrica will provide opportunities to grow the scale of our existing business activities further and enter new markets. Neas will be Centrica’s spearhead for the growth of energy marketing and trading activities on the European continent.”