Centrica Plc. has acquired Dynegy Storage Ltd. and Dynegy Onshore Processing UK Ltd. for a net cash consideration of £304 million, plus £11.8 million in respect of net working capital, which comprises cash of £15.9 million and net current liabilities of £4.1 million .
DSL and Dopul own the Rough offshore gas storage facility and the associated pipeline and onshore processing facility at Easington, Yorkshire.
The Rough asset is the largest gas storage facility in the UK, with a capacity for holding 100 Bcf of stored gas, and has a deliverability rate of 1.5 Bcf/d.
Centrica intends to continue sourcing a significant proportion of its gas requirements from fields in which it owns equity interests, and the Rough facility will preserve Centrica's flexibility to meet fluctuating demand and allow it to maximize the value of its diverse gas portfolio.
11/14/02
