31 October 2008
Energy supplier Centrica is looking to raise capital through a rights issue in order to fund its acquisition of a stake in British Energy. French-owned firm EDF Energy is currently awaiting approval for a £12.5 billion takeover of the electricity generator. Centrica - which owns British Gas - hopes to take a 25% stake in the company once the EDF takeover is given the go ahead. Sam Laidlaw, Chief Executive of Centrica, told the Times: "British Energy is our plan A." But he added: "We have been very clear that we haven't yet reached final agreement and the French have to have final approval from the EU." British Energy currently owns eight nuclear power plants in the UK. Centrica also said its second half revenues are performing in line with expectations and are likely to exceed those achieved in the first half of the year. However, the company did not state whether this meant there was any possibility of bringing down gas and electricity prices for consumers, the Press Association reports.