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Centrica reports that it has acquired for £52mnn a 50% stake in Luminus, a newly ...

Centrica reports that it has acquired for £52mnn a 50% stake in Luminus, a newly created energy supply business in Belgium, as its first step into the liberalising energy markets of Continental Europe. The joint venture has been established with a consortium of five Flemish municipal utilities, led by Interelectra and WVEM. The partners expect that Luminus will be the main alternative to Electrabel in the Belgian retail energy market. The Flemish Government has approved the phased opening of the electricity market, with household competition starting on 1 July 2003. The market for the largest electricity customers in Belgium, above 100 GWh, has already opened to competition. In Flanders, the market above 20 GWh is due to open on 1 July 2001, with the above 1 GWh market to open on 1 January 2002. The opening dates for the electricity market in the other regions of Belgium and the gas market are to be announced in due course, but are expected to follow close behind the timescales for Flanders.
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