Centrica, TotalFinaElf buy generator

May 29, 2001
Web Posted at 0813 GMT

LONDON, (Reuters) - British gas and electricity company Centrica Plc said on Tuesday it had joined hands with French energy group TotalFinaElf to buy out unlisted UK gas-fired generator Humber Power Ltd.

Centrica said in a statement it had agreed to pay 31.3 million pounds ($44.44 million) cash and assume 267 million pounds in lease liabilities for a 60 percent stake in Humber, which owns a 1,260 megawatt plant in northeast Lincolnshire, providing Centrica with 750 megawatts average output.

Centrica said its partner in the deal, TotalFinaElf, would raise its stake in Humber to 40 percent from 12.5 percent.

Centrica would operate and manage the entire plant and existing staff would transfer to Centrica.