Centrica has bought a European technology company that provides services to help balance fluctuations on the power grid for €70 million (£62m).

Belgium-based REstore manages 1.7GW of power demand from a portfolio of 150 industrial and commercial (I&C) customers across Belgium, France, Germany and the UK.

It pays some of the largest energy users in Europe, including chemical, steel and food manufacturers, to agree to reduce their electricity use when supplies are tight.

The business will form part of Centrica’s international Distributed Energy & Power unit, which provides energy insight, asset optimisation and energy solutions to large energy users.

Jorge Pikunic, Managing Director of Centrica Distributed Energy & Power said: “This acquisition is an important step forward in the delivery of our strategy, expanding on our offer to business customers to help them take control of their energy and gain competitive advantage.

“REstore’s proprietary technology and track record with large I&C customers will add to our optimisation capabilities and enable growth opportunities as global markets for flexibility continue to evolve.”