- The Energy Group
The Energy Group plc, a defunct British power generator and distributor, was originally a subsidiary of
Hanson plc until its demerger in1996 .Hanson created the group as a holding company for:
*Peabody Energy : coal activities in theUnited States and Australia
*Eastern Group: power and networks businesses in the UK.In 1998, following an unsuccessful takeover attempt by
Pacificorp , the company was the subject of a bidding war between Pacificorp andTexas Utilities . Texas Utilities won with a bid of approximately £4.5bn (Pacificorp's original bid in 1997 was £3.6bn). Following the acquisition Texas Utilities was renamed TXU; with The Energy Group becoming TXU Energi, part of TXU Europe.In October 2002 TXU announced it was pulling out of
Europe due mainly to the collapse of its UK operations. In context in 2002 the British government was forced to bail out the nuclear generatorBritish Energy ,Powergen announced it was to mothball a large number of itspower station s and wholesale energy prices fell by almost 40%. Powergen purchased TXU's UK businesses for £1.37bn ($2.9bn).References
* [http://news.bbc.co.uk/1/hi/business/61594.stm BBC News: Texas raises Energy bid to £4.46bn]
* [http://news.bbc.co.uk/1/hi/business/2325559.stm BBC News: US firm pulls plug in power crisis]
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