Energy group International Power is celebrating confirmation that it is to replace Cairn Energy in the index of the UK's top 100 firms.

The FTSE 100 Index's Europe committee, which decides promotions and demotions, also said in its quarterly review that holiday group MyTravel would move up into the second tier after its life-saving debt overhaul.

International Power, which was formed in October, 2000, by the demerger of National Power, has interests in 34 power stations in 15 countries.