Centrica unit buys Great Plains Energy subsidiary

By Associated Press
June 2, 2008
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Great Plains Energy Inc. said Monday it completed its $300 million sale of Strategic Energy LLC to a unit of Britain-based Centrica PLC.

The deal enhances the ability of Centrica's Direct Energy unit to be a retailer of gas and electricity to commercial and industrial customers in North America.

Great Plains said proceeds from the sale of Strategic Energy will be used to offset some of Great Plains Energy's anticipated financing needs this year.

Beginning in the second quarter Strategic Energy's results will be reported as discontinued operations in Great Plains Energy's financial statements.

Great Plains Energy, headquartered in Kansas City, Mo., is the holding company for Kansas City Power & Light, a regulated electricity provider.

Shares of Great Plains Energy fell 32 cents to $25.91 in afternoon trading.
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