Naturgy has sent a relevant fact to the National Securities Market Commission in which it communicates its plans to divide the company into two companies, each one focused on one of its current activities.
In what is known internally as
the Gemini Project
, the energy company wants, on the one hand, to have a company dedicated to the transport and distribution of gas and electricity networks and, on the other, a firm for all activities framed in the field of generation and energy trading.
If the movement is approved - it must still go through the Shareholders' Meeting, although Naturgy
expects to execute Geminis during the 2022 financial year
- two listed companies with the same shareholding composition will be created.
In other words, each Naturgy shareholder will receive proportional shares in the new company, so that, on paper, they will be under the same control.
At the moment there is no name for the future firm.
The idea of the company is that in this way each of the resulting companies can focus their efforts and specialize in their activity.
They consider that this can serve to avoid the problems of a large conglomerate.
The Gemini Project is a proposal from the Management Committee that was unanimously approved by the Council to promote "to strengthen Naturgy's role in the energy transition and thus accelerate its Strategic Plan", as stated in the document sent to the CNMV.
The company also highlights that it will be "two large energy groups" and that they will have "clearly differentiated business profiles. Both groups, they point out, will have the same shareholding structure as today, "which by capitalization each of them would be among the first twenty IBEX companies".
Distribution
One of the groups will manage in an integrated way the businesses that include "the development of renewable energies, the portfolio of energy customers and associated services, the conventional generation park that ensures the energy supply, and the management of the wholesale energy markets ", Breaks down Naturgy.
Its objective will be to have 25 GW of installed electricity generation capacity in 2025, with a distribution of 14 GW in renewables and 11 GW conventional.
In addition, it will have 11 million customers and "a diversified portfolio of approximately 290 TWh of gas supplies", always according to the company.
Meanwhile, the second group will bring together "all the businesses dedicated to the management of regulated energy distribution and transport infrastructures."
Among its assets, Naturgy highlights its presence in six countries and its more than 155,000 kilometers of electricity networks, 135,000 kilometers of gas networks and 16 million connection points.
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