Centrica plc (CPYYY) shares gained in the opening minutes of trading in London after the U.K.'s biggest energy supplier said it would sell two power plants for around $400 million.
Centrica has agreed to sell two large natural gas-fired stations to Energeticky a Prumyslovy Holding AS, Europe's No. 7 power generator, as the parent of British Gas shifts its focus to more customers facing businesses. The combined cycle gas turbine power stations at Langage and South Humber Bank have a combined capacity of 2.3 gigawatts and were fetched a price tag of £318 million ($400 million).
Centrica shares were 3.07% up at 8:21 London time and changing hands at 208.1 pence and outpacing the stock's three-month decline of 3.63%.
The move will allow Centrica to look for opportunities in flexible peaking units, energy storage and distributed generation whilst reducing focus on large scale central power generation. The transaction is subject to EU merger clearance and is expected to complete during the second half of 2017.