UK power company Centrica has acquired REstore NV, Europe’s leading demand response aggregator, for €70 million (£62 million) in cash.
Headquartered in Antwerp, Belgium, REstore manages 1.7 GW of peak load from a portfolio of industrial and commercial (I&C) customers across Belgium, the UK, France and Germany, operating ancillary services including frequency response and capacity markets. The company’s software and international patents are currently used by over 150 of Europe’s largest energy users, including chemical, steel and food manufacturers.
The business will form part of Centrica’s international Distributed Energy & Power unit, which provides energy analysis, asset optimisation and energy solutions to large energy users. Through this acquisition, demand response aggregation will become a core part of the company’s offering and is expected to represent a significant growth opportunity for Centrica as global electricity markets evolve.
Jorge Pikunic, managing director of Centrica Distributed Energy & Power, said: “I am delighted to welcome REstore to Centrica. This acquisition is an important step forward in the delivery of our strategy, expanding on our offer to business customers to help them take control of their energy and gain competitive advantage.”