Centrica has fulfilled a long-standing vow to take control of Belgian power company SPE, frustrating Gaz de France’s plans to sell its stake to EDF.

The British-based utility exercised a pre-emption right over GDF’s 25.5 per cent stake in SPE for €515m (£407m) in cash, with another €105m to be paid later, taking its holding in SPE to 51 per cent.