Completion of Grain LNG acquisition

Media Relations

T: 01784 843000

E: [email protected]

Investor Relations

E: [email protected]

Download image

Centrica plc (the "Company") is pleased to announce completion of its Grain LNG acquisition¹ in partnership with Energy Capital Partners ("ECP") from National Grid for an enterprise value of £1.5 billion. After taking into account £1.1 billion of new non-recourse project finance debt, Centrica's 50% share of the equity investment is approximately £200 million.

Chris O'Shea, Group Chief Executive, Centrica plc, said:

"Having a reliable, constant supply of gas is critical to both the UK's energy security and its journey to clean energy. So, we are thrilled to complete the acquisition of the Isle of Grain terminal alongside our partner, ECP. This investment delivers attractive returns and continues Centrica's pivot towards stable, predictable infrastructure earnings. We look forward to working closely with the Grain LNG team to unlock the full value of this asset for customers and the country.

"Our multi-billion-pound investments in both Sizewell C and Grain LNG demonstrate our willingness to invest in the UK when regulation is supportive. We hope to further underpin the UK's energy security by committing several billion pounds to redeveloping the country's largest gas storage facility, Rough, subject to the right support model. To ensure the UK remains an attractive destination for investment, we need forward-looking regulation from Ofgem that delivers a fit-for-purpose framework and actively fosters economic growth."