Scottish Power seeks US acquisitions

Scottish Power is looking to make acquisitions in Britain and the United States, chief executive Mr Ian Russell said today.

Scottish Power is looking to make acquisitions in Britain and the United States, chief executive Mr Ian Russell said today.

He was speaking after the group announced plans to invest £1 billion sterling this year towards its strategy of accelerating organic growth and pursuing acquisition opportunities.

"It's both in the US and the UK that we see opportunities for investment and to grow the business. We have an opportunity to invest in generation and in networks and in gas storage," Mr Russell said.

The group made the decision two years ago to abandon its strategy of cross-selling a diverse range of services to its customers and to focus exclusively on those three key areas.

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Mr Russell said the criteria for purchases is that they complement the existing business, accelerate organic growth and add value for shareholders.

The group today announced a major investment in its US regulated business with its decision to build a 525 megawatt (MW) gas-fired plant at Currant Creek, Utah, in addition to its recently announced 50 per cent share in a new 160 MW wind farm in Colorado.

AFP