24seven, the UK utility services company set up in April 2000 by TXU Europe and London Electricity Group has won the FT Global Energy award for the Strategic Merger of the Year.

One of only a handful of European companies shortlisted in the various categories, 24seven’s award was announced at a ceremony in New York attended by 400 top executives from around the world.

In its category, 24seven beat off entries from two of the largest global energy companies – Dominion Resources and AES Corporation.

Commenting on the award, David Owens, Chief Executive of 24seven said: “I’m delighted that 24seven’s unique and innovative business model has been recognised with such a prestigious award. Our formation and our contracts to run the electricity networks in London and East Anglia are the first steps in the creation of a competitive utility network services sector.

“24seven is widely regarded as a trail-blazer for the way it has transformed itself from a traditional network business into a competitive service provider.”

The award was received by Richard Harpley, 24seven’s Sales & Marketing Director at a ceremony at the Waldorf Astoria in New York on 6 December.

The utilities which 24seven serves account for 25 per cent of the UK population and earlier this year the company signed a Memorandum of Understanding to set up a joint venture company in Germany which will run electricity, gas and water networks.

London Electricity Group are set to become the sole owner of 24seven following TXU Europe’s decision to sell its 50 per cent interest.