American utility PPL snapped up its second major UK electricity network today after striking a deal worth £3.5bn (€4.1bn) with Germany’s E.ON.

Scottish Power shares jumped ahead today after takeover developments involving the utility took a new twist over the weekend.

Powergen owner E.ON boosted the amount of gas it generates from the UK today with a deal worth £470m (€693m) for UK producer Caledonia Oil and Gas.

Powergen today said it was adopting the name of its German parent company.