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Monday, 08. September 2014

First Utility Eyes Ipo To Fund Expansion - Ceo - Yahoo Finance
By ymbeejechk9, 17:51

Its customer accounts have risen by ten times over the past three years to reach 1 million on Monday. The group is now looking to expansion opportunities in Germany, the Netherlands, Belgium and North America after having overtaken recently fellow minnow Utility Warehouse (TEP.L) to become the largest alternative provider. "There are things we are interested in doing like taking our business model beyond the UK. Raising some capital to do that might be something we'll consider in future," Chief Executive Ian McCaig said in a telephone interview. First Utility's plans are not yet finalised, but McCaig said it could follow in the footsteps of rival Ovo Energy, the third-biggest independent supplier, and seek a public listing, albeit to raise cash for different purposes. Ovo Energy Chief Executive Stephen Fitzpatrick said last month his company planned to go public within 18 months to fund "new opportunities" and to give shares to its employees. First Utility said it can offer lower tariffs in part because it has a multi-year agreement with oil major Shell (RDSa.L) to purchase electricity and gas on the wholesale market. McCaig, who was chief executive of travel website until 2011, said this setup has saved the company money because it is not forced web link to cover its hedging strategy to purchase energy ahead of delivery.

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