Centrica shares rise after £1.5bn deal for largest LNG terminal in Europe

SHARES in Centrica, the FTSE 100 owner of British Gas, have surged after it partnered with Energy Capital Partners (ECP) to acquire Europe's largest liquefied natural gas (LNG) terminal for £1.5 billion.

- ALI LYON

In a statement released to the London Stock Exchange, Centrica praised its major acquisition of National Grid’s Grain LNG facility, which stores and processes natural gas at its Kent location, as helping “support the UK’s energy security for many decades to come”.

LNG is assuming a progressively vital role in the UK's energy infrastructure as the nation endeavours to shift away from more carbon-intensive hydrocarbons towards a combination of gas, renewables and nuclear power.

Shares in the British Gas owner climbed by three per cent during early trading before retreating to just above 2%.