Energy battle hots up

Energy battle hots up

PacifiCorp, the US power firm bidding for Energy Group, turned up the heat on rival Texas Utilities yesterday, saying any bid from Texas would need a much higher price than its offer of 765p. Energy Group, owner of Eastern Electricity, recommended PacifiCorp's pounds 4.06bn cash offer earlier this month, but Texas has continued to talk to Energy Group, keeping alive the possibility of a rival offer. PacifiCorp estimated Texas would need to offer more than 820p to match its own bid and compensate for regulatory uncertainties and any resulting time lag.