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GDF Suez S.A.
Company typePublic (Euronext: GSZ, GSZB)
ISINFR0010208488 Edit this on Wikidata
IndustryEnergy
Founded22 July 2008
Headquarters
Paris
,
France
Key people
Gérard Mestrallet
(Chairman of the Board & CEO)
Jean-François Cirelli
(Vice-Chairman & President)
ProductsNatural gas production, sale and distribution, electricity generation and distribution, hydroelectricity, wind power, energy trading
RevenueIncrease€83.05 Billion (2008)[1] Increase$99,419 Billion [1]
Increase €8.561 billion (2008)[1]
Increase €6.504 billion (2008)[1]
Number of employees
234,650 (2008)[1]
Websitewww.gdfsuez.com

GDF Suez S.A. (Euronext: GSZ, GSZB) is a French-based energy company active in the fields of electricity generation and distribution, natural gas and renewable energy. The world's second-largest utility,[2] the company was formed by the merger of Gaz de France and Suez on 22 July 2008. The firm also holds a 35% stake in Suez Environnement, the water treatment and waste management company spun out from Suez the time of the merger.[3] GDF Suez is listed on the Euronext exchanges in Paris and Brussels and is a constituent of the CAC 40 and BEL20 indices.

History

See also: Suez (company) and Gaz de France

On February 25, 2006, French Prime minister Dominique de Villepin announced the merger of water supply and treatment, waste management and energy company Suez and power firm Gaz de France, with the aim of creating the world's largest liquefied natural gas company.[4] Since the French state owned over 80% of Gaz de France, it was necessary to pass a new law in order to make the merger possible. Whilst Nicolas Sarkozy was for several months opposed to the Villepin government’s plans for a merger of the two companies, preferring a three-way deal with Italy's Enel which would maintain a controlling stake for the state,[5] he subsequently accepted the government proposal.[6] The plan for a merger between Gaz de France and Suez came under fire from the whole of the political left,[7] which feared the loss of one of the last ways of preventing the price rises experienced over the previous three years, and by the social Gaullists and trade unions.[8][9]

Law No. 2006-1537 of December 7, 2006 on the energy sector authorised the privatisation of Gaz de France. On 3 September 2007, Gaz de France and Suez announced agreed terms of merger, on the basis of an exchange of 21 Gaz de France shares for 22 Suez shares via the absorption of Suez by Gaz de France.[10] Various holdings of Gaz de France and Suez had to be divested in order to satisfy the concerns of the European Commissioner for Competition: GDF agreed to sell its approximate 25% stake in Belgian electricity producer SPE for €515 million. The stake was purchased by fellow SPE shareholder Centrica which exercised its right of first refusal,[11] blocking a previous agreement to sell the stake to Électricité de France.[12] Suez, meanwhile, was forced to reduce its shareholding in natural gas distributor Fluxys[13] and sell its Belgian gas supply subsidiary Distrigaz to Eni.[14]

The newly-created GDF Suez came into existence on 22 July 2008; the world's second-largest utility with over €74 billion in annual revenues.[15] The deal resulted in the conversion of the French state's 80% stake in GDF into just over 35% of shares of the new company. The water and waste assets which formerly formed part of Suez were spun off into a new publicly-traded company, Suez Environnement, in which GDF Suez retains a stake.

In July 2009, the European Commission fined GDF Suez and E.ON €553 million both over arrangements on the MEGAL pipeline.[16][17] It was the second biggest fines imposed by the European Commission and first one on the energy sector.[16][18] In 1975, Ruhrgas and Gaz de France concluded a deal according to which they agreed not to sell gas in each other's home market. The deal was abandoned in 2005.[16]

Operations

Electricity generation

France

Thanks to former Suez subsidiaries such as Compagnie Nationale du Rhône (CNR), Electrabel and Société Hydro Electrique du Midi (SHEM), GDF Suez is the second-largest generator of electricity in France[19] behind EDF.[20] 70% of the group's production comes from renewable sources,[21] principally hydroelectricity (through CNR and SHEM) and wind power, the latter of which both Gaz de France and Suez moved aggressively into in 2007 and 2008. Recently acquired subsidiaries include La Compagnie du Vent (majority stake),[22] the wind farm business of Nass & Wind[23] and Erelia.[24] The company also operates a natural gas-fired combined cycle power plant (DK6) in Dunkirk. With the stated aim of reaching a total production capacity of 10GW by 2013, three gas-fired thermal power plants at Fos-sur-Mer, Montoir-de-Bretagne and Saint-Brieuc are currently in various stages of development, as is a solar panel project in Curbans.[21]

International

The GDF Suez group also generates electricity in a number of countries outside France. Most notably, the company is the leading producer in both Belgium and the Netherlands through Electrabel[25] (and the fifth-largest generator in Europe overall),[26] as well as the largest non-state owned generator in both Brazil[27] and Thailand[28] (thanks to majority stakes in Tractebel Energia and Glow Energy respectively). The company also operates in North and Latin America through its Suez Energy International unit, as well as in other European and Asian countries. The company generates electricity through various types of plants, including thermal power, combined heat and power, wind farms, hydroelectric and biomass.[29]

Natural gas

Distribution, transportation and storage

French customer offerings

  • Dolcevita: for private consumers
  • Provalys: for small businesses
  • Energies Communes: for governmental consumers (cities, régions)
  • Energy: for large companies and corporations
  • Cegibat: for construction and building companies

Subsidiaries and holdings

  • Electrabel — electricity in Europe (largest provider in Belgium)
  • Elyo Services — Building services / facilities management
  • ELIA — transmission system operator in Belgium (24.3% stake through Electrabel)
  • Fluxys — high pressure gas grid operator in Belgium (45% stake)
  • GRTgaz —gas transmission network operator in France
  • Tractebel Energia — Brazilian electricity generator (67.8% stake)
  • Tractebel Engineering — International engineering consultancy
  • Suez Environnement — former water and waste assets of Suez (35% stake)

Shareholder structure

The largest shareholder in GDF Suez as of 31 December 2008 is the Government of France with 35.6%. Other major stakes are held by Groupe Bruxelles Lambert (5.3%), employees of the company (2.7%), Caisse des Dépôts et Consignations (1.9%), Areva (1.2%), CNP Assurances (1.1%) and Sofina (0.7%).[30]

Management

  • Chairman and Chief Executive Officer: Gérard Mestrallet
  • Vice-Chairman, President: Jean-François Cirelli
  • Executive Vice Presidents: Yves Colliou, Jean-Marie Dauger, Jean-Pierre Hansen, Gérard Lamarche

References

  1. ^ a b c d "Annual Report 2008 (pro forma)" (PDF) (in French). GDF Suez. Retrieved 2009-04-11.
  2. ^ Patel, Tara (22 July 2008). "GDF Suez Shares Fall in Debut Following Merger". Bloomberg. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  3. ^ Maitre, Marie (22 July 2008). "Suez Environnement gushes on Paris market debut". Reuters. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  4. ^ "Dominique de Villepin a annoncé un projet de fusion entre Gaz de France et Suez". Le Monde (in French). 25 February 2006. Retrieved 2008-07-12. {{cite news}}: Check date values in: |date= (help)
  5. ^ Gow, David (15 June 2006). "EU to investigate Suez-Gaz de France deal". The Guardian. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  6. ^ "Nicolas Sarkozy réaffirme son "accord" au projet de fusion GDF-Suez". Associated Press (in French). Le Nouvel Observateur. 15 August 2006. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  7. ^ Maitre, Marie (2 September 2007). "France launches new GDF-Suez utility merger plan". Reuters. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  8. ^ "French court puts brakes on merger of Gaz de France and Suez". Bloomberg, Associated Press. International Herald Tribune. 22 January 2008. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  9. ^ Hotten, Russell (4 September 2007). "Suez and Gaz de France in £47bn merger". The Daily Telegraph. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  10. ^ "Suez, Gaz De France Agree To New Merger Deal". RTT News. 2007-09-04. {{cite news}}: |access-date= requires |url= (help); Check date values in: |date= (help); Unknown parameter |http://www.rttnews.com/sp/todaystop.asp?item= ignored (help)
  11. ^ Shelley, Toby (23 July 2008). "Centrica takes control of Belgium's SPE". Financial Times. Retrieved 2008-07-23. {{cite news}}: Check date values in: |date= (help)
  12. ^ Maitre, Marie (20 June 2008). "GDF agrees to sell SPE stake to EDF for $800 mln". Reuters. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  13. ^ "Suez sells 12.5 pct stake in Fluxys to UK fund Ecofin Ltd for 228 mln euros". AFX News. Forbes. 4 July 2008. Retrieved 2008-07-22. {{cite web}}: Check date values in: |date= (help)
  14. ^ "Key moments in GDF Suez combination". Associated Press. Forbes. 16 July 2008. Retrieved 2008-07-22. {{cite news}}: Check date values in: |date= (help)
  15. ^ Vidalon, Dominique (1 July 2008). "Suez shares to exit French CAC-40 July 22". Reuters. Retrieved 2008-07-12. {{cite news}}: Check date values in: |date= (help)
  16. ^ a b c Nikki Tait (2009-07-08). "Brussels fines GDF and Eon €1.1bn". Financial Times. Retrieved 2009-07-08.
  17. ^ Adam Mitchell (2009-07-08). "GDF Suez: To Appeal EU Antitrust Decision On Pipeline". The Wall Street Journal. Retrieved 2009-07-08.
  18. ^ Ian Traynor (2009-07-08). "Brussels levies €1.1bn fine on gas pact pair". The Guardian. Retrieved 2009-07-08.
  19. ^ "GDF Suez shares fall in stock market debut as merger hype wanes". Associated Press. International Herald Tribune. July 22, 2008. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  20. ^ "EdF is by far the largest electricity generator in France.." "Commission opens in-depth investigation into the joint control of EnBW by EDF and OEW" (Press release). European Commission. 3 October 2000. Retrieved 2008-07-27. {{cite press release}}: Check date values in: |date= (help)
  21. ^ a b "France: Electricity production". GDF Suez. Retrieved 2008-07-27.
  22. ^ "Suez buys 50.1 pct of Cie du Vent for 321 mln eur; to raise stake to 56.8". AFX News. Forbes. 16 November 2007. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  23. ^ "GDF buys Nass and Wind unit; to create renewable energy division". AFX News. Forbes. 6 March 2008. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  24. ^ "Gaz de France buys 95 percent of French wind power company Erelia". Associated Press. International Herald Tribune. 9 October, 2007. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  25. ^ "France proposes 'patriotic' merger for utilities". International Herald Tribune. 26 February 2006. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  26. ^ Mitchell, Adam (16 July 2008). "Suez CEO: GDF-Suez "Clearly" In Private Sector". Dow Jones Newswires. EasyBourse. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help)
  27. ^ Ragir, Alexander (20 May 2008). "America Movil, Aracruz, OHL Brasil, Vale: Latin Equity Preview". Bloomberg. Retrieved 2008-07-27. {{cite news}}: Check date values in: |date= (help); Unknown parameter |coauthors= ignored (|author= suggested) (help)
  28. ^ Hampton, Stuart. "Glow Energy Public Company Limited". Hoover's. Retrieved 2008-07-27.
  29. ^ "Europe and International: Electricity production". GDF Suez. Retrieved 2008-07-27.
  30. ^ "Shareholding structure". GDF Suez. 31 December 2008. Retrieved 2009-04-11.

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