Macquarie Buys U.K. Gas-Fed Power Plants in Bet Profits to Rise
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Macquarie Group Ltd., Australia’s largest investment bank, has bought two natural gas-fed power stations in the U.K. in a bet that profit from burning the fuel will rise after three years of declines.
Macquarie purchased the 540-megawatt Baglan Bay plant in Wales from General Electric Co. in October, Nicole Grove, a spokeswoman for the bank in London, said by e-mail yesterday. It acquired the 819-megawatt Sutton Bridge facility in eastern England from Electricite de France SA last month. The profit from burning gas next month, known as the clean-spark spread, fell 21 percent last year after dropping 48 percent in 2011 and 29 percent in 2010, according to data compiled by Bloomberg.