Aggreko bags deal to supply Japan’s power

TEMPORARY power supplier Aggreko saw its shares surge yesterday after it was given a contract to provide emergency power to quake-hit Japan.

The Glasgow-based company has been awarded a contract to start delivering power to Japan’s grid by June and has already started to send equipment over to the country.

Shares in the company closed 5.3 per cent higher after the deal was announced. The leap means that the company is worth around £4.6bn.

Chief executive Rupert Soames said: “Aggreko is pleased it is able to be of assistance to the country at this very difficult time.”

The firm, whose generators help meet electricity shortfalls and power major sporting events such as the Olympics and the World Cup in South Africa, will install 200 megawatts of power in the Tokyo Bay area for at least a year.

Japan has seen its power generation crippled by the earthquake and tsunami which left a trail of destruction last month. The country’s supply chain has been hit by power shortages, meaning its industries are struggling to resume business as normal.

Aggreko said in its statement to the Stock Exchange: “In view of the challenges facing Japan, Aggreko will start mobilisation of the equipment immediately.”