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LONDON ELECTRICITY POWERS VIRGIN INTERNET VENTURE

News, 03 July 2000


London Electricity, the UK subsidiary of Electricité de France, is contributing the bulk of the £15 million funding behind a new online gas, electricity and water venture fronted by Virgin Group.

The utility will hold a 75% stake in the joint project, branded Virgin Energy. As is usual with its plethora of co-ventures, Virgin’s marketing strategy is based on undercutting competitors, promising to pass on to consumers the cost benefits of purchasing via the internet.

Virgin Energy, as yet unready to provide its services to the public, is inviting consumers to pre-register at www.virgin.com/energy. The site makes no reference to the venture’s majority shareholder.

News source: The Times (London)