ENGIE SA

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Engie is a French multinational electric utility company, headquartered in Courbevoie, France, with an operating presence in ~70 countries worldwide. It operates through 3 core businesses:

  1. Electricity generation and distribution;
  2. Natural Gas;
  3. Energy Services.

In Europe, Engie specialises in nuclear energy. It is one of the few firms in the sector to develop skills in both upstream (engineering, purchasing, operation, maintenance) and downstream (waste management, dismantling) activities. As a nuclear operator, ENGIE owns and operates 7 reactors in Belgium through Electrabel, owns stakes in the Chooz and Tricastin plants in France, and has drawing rights in Germany.

In the UK, Engie is a major electricity generator with a fleet of 12 operational § Power Stations. It also has a trading business which trades UK power, UK gas, EU carbon and coal. ENGIE Energy UK is its retail business, supplying electricity and gas to industrial and commercial customers.

Engie and China Investment Corporation: link, link, link, link, link

Gas Storage: link

Company

Shareholders

Total float: 72.2%
Source: MarketScreener.svg, Mar.2020

Structure

ToDo: Group websites, Engie in the UK, GDF Suez, Reports
Engie SA
  • International Power Ltd, CH
    • International Power Consolidated Holdings Ltd, investment holdco, CH. Subsids pp.22,28 Dec.2017 a/cs; good selection of tax havens. Interestingly, direct subsid "International Power Finance" is an unlimited company, CH.
      • IP Karugamo Holdings (UK) Ltd, CH (PSC was FHH Guernsey Ltd, wholly owned by Engie SA.) Subsids Dec.2017 a/cs p.19.
        • FHH No.1 Ltd, investment holdco, CH
          • First Hydro Holdings Company, CH
            • First Hydro Company (75%), CH, website
            • First Hydro Finance plc, provision of group finance, [CH]

Timeline

<tr id="GDF_Suez">
Sept.2020 Suez SA: Veolia Environnement SA offered to buy a 29.9% stake in Suez from Engie SA as the first step to a full takeover to create a utility giant as global warming and pollution boost the need to recycle resources and treat hazardous products. The French Govt, which owns 24% of Engie, said it would make the preservation of jobs at Suez and its French industrial footprint the top priority.[1]
Nov.2018 KiWi Power Ltd: Engie acquired a majority stake in the distributed energy demand resource aggregator.ref,ref,ref CH. Short history here.
May.2017 Exploration & Production International: Engie sold its oil and gas E+P arm to Neptune Energy.ref The business had been acquired in Apr.2002 as "CalEnergy Gas (UK) Ltd".
Jun.2016Rugeley B: the coal-fired power plant was closed, and all structures on the site demolished.ref
Jul.2015 SolaireDirect SA: Engie acquired a 95% stake in the solar parks developer, thereby becoming the largest solar power electricity producer in France.ref,ref
Apr.2015 Engie SA: GDF Suez rebranded as Engie to emphasize the changing nature of its energy business and de-emphasize its historical role as a nationalised gas monopoly.ref GDF Suez Energy International (ex-International Power) was accordingly renamed as Engie Energy International.ref
Oct.2012GDF Suez Energy International: International Power was rebranded.ref
Apr.2012GDF Suez Energy International: GDF Suez acquired the remaining 30% shareholding in International Power; completed in Jul.2012. At this point, International Power owned 100 power stations, 11 of which were in the UK.ref
Aug.2010 International Power: GDF Suez acquired a 70% shareholding, becoming the world's largest independent power generator. The investment was made with a view to a future merger of International Power and the GDF Suez's Energy International activities.ref The acquisition was made via a reverse takeoverWikipedia-W.svg, whereby GDF Suez transferred its Energy International business areas (outside Europe) and certain assets in the UK and Turkey to International Power in exchange for 70% of the stock of the combined entity. The remaining 30% remained in the ownership of the existing International Power shareholders. Completed in Feb.2011 following shareholder approval.
Nov.2008GDF Britain Ltd changed its name to GDF Suez E&P UK Ltd.ref
Jul.2008 GDF Suez: Suez SA acquired Gaz de France SA in a reverse merger transaction, after 2+ years of disputes and negotiations.ref The French govt held ~35% of the new company.ref,ref Interestingly, the French govt announced the merger only a few days after Italy's Enel SpA stated it was planning to launch a takeover bid for Suez SA.ref
Suez-SA.svgDeals-Arrow-Right.svg
Suez Environnement SA: as part of the merger, Suez SA's water and waste treatment division was spun off into a separate publicly-traded company. See Suez SA.
Jun.2005Gaz de France SA: 22% of shares were floated on the stock market, with the French govt continuing to hold the remainder. The flotation took place in the face of massive unrest, strikes and unanimous opposition by the French unions.ref
Nov.2003
Nalco-2001.svgDeals-Arrow-Right.svg
Ondeo Nalco Company was purchased from Suez SA by a private equity consortium, comprising the Blackstone Group Inc, Apollo Management LP, and Goldman Sachs Capital Partners. The sale was part of a strategic plan to improve Suez's profitability and reduce debt.[2][3] Ondeo-Nalco.comArchive-org-sm.svg
Apr.2002 CalEnergy Gas (UK) Ltd, an oil E+P company, was acquired by Gaz de France's subsidiary GDF Britain Ltd, from MidAmerican Energy Holdings Company.AR-Dec2002, p.2, ref, p.23 The business was hived up into GDF's Exploration & Production International arm.
2001 Suez SA: Suez Lyonnaise des Eaux changed its name. The company focused on 5 core businesses: power, energy, water and environmental services.
2001 Gaz de France was privatised.ref
Jul.2001Rugeley B, the coal-fired power plant, was purchased by International Power from TXU Europe.ref
2000 International Power plc was formed by the demerger of National Power plc, which resulted in two businesses: Innogy Holdings plc (UK operations) and International Power (non-UK operations).ref The company was floated on the London Stock Exchange in Oct.
Nov.1999
Nalco-pre-2000.svgDeals-Arrow-Left.svg
Nalco Chemical Company, a Chicago-based chemical firm, was acquired by Suez Lyonnaise des Eaux and delisted from the New York Stock Exchange.[4] Simultaneously, Suez Lyonnaise companies Calgon CorporationArchive-org-sm.svg and Aquazur LtdArchive-org-sm.svg joined forces with Nalco to become one company; the merged operations moved forward as the "Ondeo Nalco Company".[5]
ToDo †

Beginnings

<tr id="Lyonnaise_des_Eaux_SA">
Jun.1997 Suez Lyonnaise des Eaux: Compagnie de SuezWikipedia-W.svg and Lyonnaise des Eaux SA merged. The new company gradually began to focus on two main areas: energy and environment, developing new technologies for the treatment of waste, recycling and the production of renewable energy.
1971SITA was taken over by Lyonnaise des Eaux, and became a part of La Compagnie de Suez.
1946 Gaz de France: The French state nationalized the assets of private gas and power companies.
Lyonnaise des Eaux SA: the Société Lyonnaise des Eaux et de l’Éclairage was renamed.
1919SITA: "Société industrielle de transport automobile" was created to modernise domestic waste collection in Paris and to cope with the rapid rise in the volume of domestic waste generated by Parisians.
1880Société Lyonnaise des Eaux et de l’Éclairage: Lyonnaise Company of Water and Lighting was formed in Paris.
1858Compagnie Universelle du Canal Maritime de Suez: the Universal Maritime Suez Canal CompanyWikipedia-W.svg was founded to construct and operate the Suez Canal.
1822"General Dutch Company for the favouring of industry" was founded by King William I of the Netherlands.
Sources: The History of the ENGIE Group Key dates in the history of ENGIE. Engie. Accessed Nov.21.2018.; 150 Years in World Markets. Engie, Jun.2012. Accessed Nov.21.2018.
ToDo: Lyonnaise des eaux, Suez 1858-2008

GDF International SA

Subsidiary, distributes and markets liquefied natural gas. ref

Power Stations

First Hydro Company

First Hydro owns and operates two pumped-storage hydroelectric power stations at Dinorwig and Ffestiniog in North Wales. See Dinorwig Power StationWikipedia-W.svg and Ffestiniog Power StationWikipedia-W.svg.

Ownership

Sources: About First Hydro First Hydro Company is owned by IPM Eagle LLP, a joint venture between International Power plc and Mitsui & Co. Ltd. First Hydro. Original archived on Feb.07.2006.

Timeline

Dec.2005 Edison Mission Energy sold all its UK assets to a consortium of International Power plc (70%) and Mitsui & Co Ltd (30%). At this point, EME owned First Hydro Company (pumped storage hydro-electric), Lakeland Power Ltd (Roosecote combined cycle gas fired; 80% owned by EME via Pride Hold Ltd, OC), Derwent Cogeneration Ltd (Derwent power station, 33% owned by EME + 17.5% by Courtaulds + 49.5% by Southern Electric Power Generation Ltd, (now owned by SSE), CH; combined cycle + combined heat and power, acq'd May.1995, CH). Info from here, and here.
Mar.2001NETA: The govt introduced New Electricity Trading Arrangements, which had a major impact on the electricity trading marketplace. The removal of a formal capacity mechanism led to an oversupply of generation, which in turn resulted in a sharp fall in the market value for capacity.
Jan.1996First Hydro Company re-registered as an unlimited liability company, as did its holdco, "First Hydro Holdings Group" to "First Hydro Holdings Company". This is usually done to ensure secrecy concerning financial affairs; a UK unlimited company is not required to publish or make public its company financial statements.
Nov.1995 First Hydro Ltd: National Grid Company plc sold First Hydro, including all assets, to Edison Mission Energy (USA), owned by Edison International IncWikipedia-W.svg (USA).ref,ref Jersey-registered First Hydro Finance plc, an indirect subsidiary of Edison Mission Energy, purchased all of the outstanding shares of First Hydro Company, formerly First Hydro Ltd.A/cs 1995, p.15
Jun.1995 First Hydro Ltd: the company changed its name. Ffestiniog Power StationWikipedia-W.svg, Dinorwig Power StationWikipedia-W.svg, website
Nov.1989NGC Pumped Storage Ltd was incorporated as a holdco for the pumped storage generation businesses in Wales.CH Both power stations, including all assets (land, buildings, reservoirs, etc) were given to the National Grid Company plc.
  • Dec.2002: Edison Mission Energy went into receivership, as did Lakeland, primarily due to the financial troubles of TXU.
  • Dec.2001: Fiddler's Ferry + Ferrybridge coal stations sold to 2 wholly-owned subsidiaries of American Electric Power.
  • 1999: Edison Mission Energy acquired the Ferrybridge and Fiddler's Ferry coal-fired plants.ref, p.87
  • 1999: Edison Mission Energy acquired the remaining 20% of the Roosecote plant.ref, p.87

Articles

  • Nov.19.2018: Rugeley coal plant to be transformed into a sustainable village. Energy firm plans to build 2,000 homes powered by solar panels on the Staffordshire site. Around 30% of the Rugeley project will be classified as "affordable" homes. Engie said it was eyeing other sites around the country. In Shropshire, regeneration firm Harworth is planning to turn the 97-hectare brownfield site of a former power station into a development of homes and commercial units. Adam Vaughan, The Guardian.
  • ^ Suez’s Main Owners Must Remain French, Finance Minister Says. Francois De Beaupuy, Bloomberg Green, Sept.06.2020.
  • ^ SUEZ sells Nalco for $4.35 billion. SUEZ has concluded the sale of Nalco, its subsidiary specializing in chemical water treatment and industrial process water, to a consortium composed of the Blackstone Group, Apollo Management L.P., and Goldman Sachs Capital Partners. WaterWorld, Sept.04.2003. Original archived on Nov.04.2020.
  • ^ Quarterly Report for the period ended September 30, 2003. Sale of the Group and Goodwill Impairment. page 7, Ondeo Nalco Company, Sept.04.2003. 3Q03 Financials.pdf Original archived on May.02.2004.
  • ^ Suez buys Nalco for $4.1B. CNN Money, Jun.28.1999. Original archived on Feb.04.2002.
  • ^ The New Nalco. Nalco Chemical Company, Nov.09.1999. Original archived on Mar.04.2000.