GDF Suez

GDF Suez

Infobox_Company
company_name = GDF Suez S.A.
company_
company_type = Public (Euronext|GSZ, Euronext3|GSZB)
location_city = Paris
location_country = France
foundation = 22 July 2008
industry = Energy
products = Natural gas production, sale and distribution, electricity generation and distribution, hydroelectricity, wind power, energy trading
revenue = 74.3 billion (2007)cite web |url=http://www.gdfsuez.com/MA/en/groupe/profil/ |title=Company profile |accessdate=2008-07-22 |publisher=GDF Suez]
num_employees = 196,500 (2007)
key_people = Gérard Mestrallet (Chairman of the board and CEO), Jean-François Cirelli (Vice-Chairman and President)
homepage = [http://www.gdfsuez.com/ www.gdfsuez.com]
intl = yes

GDF Suez S.A. (Euronext|GSZ, Euronext3|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, [cite news|url=http://www.bloomberg.com/apps/news?pid=20601085&sid=aFiKMd_hki.Q&refer=europe|title=GDF Suez Shares Fall in Debut Following Merger |last=Patel|first=Tara|date=22 July 2008|work=Bloomberg|accessdate=2008-07-22] 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. [cite news|url=http://uk.reuters.com/article/hotStocksNews/idUKL2212286520080722|title=Suez Environnement gushes on Paris market debut|last=Maitre|first=Marie|date=22 July 2008|work=Reuters|accessdate=2008-07-22] GDF Suez is listed on the Euronext exchanges in Paris and Brussels and is a constituent of the CAC 40 and BEL20 indices.

History

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. [cite news|url=http://www.lemonde.fr/cgi-bin/ACHATS/acheter.cgi?offre=ARCHIVES&type_item=ART_ARCH_30J&objet_id=935728&clef=ARC-TRK-D_01|title=Dominique de Villepin a annoncé un projet de fusion entre Gaz de France et Suez|date=25 February 2006|work=Le Monde|language=French|accessdate=2008-07-12] 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, [cite news|url=http://www.guardian.co.uk/business/2006/jun/15/europeanunion.france|title=EU to investigate Suez-Gaz de France deal|last=Gow|first=David|date=15 June 2006|work=The Guardian|accessdate=2008-07-22] he subsequently accepted the government proposal. [cite news|url=http://archquo.nouvelobs.com/cgi/articles?ad=politique/20060815.FAP5893.html&host=http://permanent.nouvelobs.com/|language=French|title=Nicolas Sarkozy réaffirme son "accord" au projet de fusion GDF-Suez |date=15 August 2006|work=Associated Press|publisher=Le Nouvel Observateur|accessdate=2008-07-22] The plan for a merger between Gaz de France and Suez came under fire from the whole of the political left, [cite news|url=http://www.reuters.com/article/companyNewsAndPR/idUSL0213106220070902|title=France launches new GDF-Suez utility merger plan|last=Maitre|first=Marie|date=2 September 2007|work=Reuters|accessdate=2008-07-22] 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. [cite news|url=http://www.iht.com/articles/2008/01/22/business/merge.php|title=French court puts brakes on merger of Gaz de France and Suez|date=22 January 2008|work=Bloomberg, Associated Press|publisher=International Herald Tribune|accessdate=2008-07-22] [cite news|url=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/03/bcngaz103.xml|title=Suez and Gaz de France in £47bn merger|last=Hotten|first=Russell|date=4 September 2007|work=The Daily Telegraph|accessdate=2008-07-22]

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.cite news | http://www.rttnews.com/sp/todaystop.asp?item=3 | title=Suez, Gaz De France Agree To New Merger Deal | publisher=RTT News | date=2007-09-04 | accessdate=2007-09-04] 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, [cite news|url=http://www.ft.com/cms/s/0/c03309ca-5883-11dd-a093-000077b07658.html|title=Centrica takes control of Belgium’s SPE|last=Shelley|first=Toby|date=23 July 2008|work=Financial Times|accessdate=2008-07-23] blocking a previous agreement to sell the stake to Électricité de France. [cite news|url=http://uk.reuters.com/article/mergersNews/idUKL2025360720080620|title=GDF agrees to sell SPE stake to EDF for $800 mln|last=Maitre|first=Marie|date=20 June 2008|work=Reuters|accessdate=2008-07-22] Suez, meanwhile, was forced to reduce its shareholding in natural gas distributor Fluxys [cite web|url=http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/04/afx5183695.html|title=Suez sells 12.5 pct stake in Fluxys to UK fund Ecofin Ltd for 228 mln euros|date=4 July 2008|work=AFX News|publisher=Forbes|accessdate=2008-07-22] and sell its Belgian gas supply subsidiary Distrigaz to Eni. [cite news|url=http://www.forbes.com/feeds/ap/2008/07/16/ap5220651.html|title=Key moments in GDF Suez combination|date=16 July 2008|work=Associated Press|publisher=Forbes|accessdate=2008-07-22]

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. [cite news|url=http://uk.reuters.com/article/oilRpt/idUKL0113342620080701|title=Suez shares to exit French CAC-40 July 22|last=Vidalon|first=Dominique|date=1 July 2008|work=Reuters|accessdate=2008-07-12] 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.

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 [cite news|url=http://www.iht.com/articles/ap/2008/07/22/business/EU-France-GDF-Suez.php|title=GDF Suez shares fall in stock market debut as merger hype wanes|date=July 22, 2008|work=Associated Press|publisher=International Herald Tribune|accessdate=2008-07-27] behind EDF. ["EdF is by far the largest electricity generator in France.." cite press release|url=http://europa.eu/rapid/pressReleasesAction.do?reference=IP/00/1099|title=Commission opens in-depth investigation into the joint control of EnBW by EDF and OEW |date=3 October 2000|publisher=European Commission|accessdate=2008-07-27] 70% of the group's production comes from renewable sources,cite web|url=http://www.gdfsuez.com/GB/en/activites/energie-france/production-d-electricite/|title=France: Electricity production|publisher=GDF Suez|accessdate=2008-07-27] 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), [cite news|url=http://www.forbes.com/afxnewslimited/feeds/afx/2007/11/16/afx4347715.html|title=Suez buys 50.1 pct of Cie du Vent for 321 mln eur; to raise stake to 56.8|date=16 November 2007|work=AFX News|publisher=Forbes|accessdate=2008-07-27] the wind farm business of Nass & Wind [cite news|url=http://www.forbes.com/markets/feeds/afx/2008/03/06/afx4738674.html|title=GDF buys Nass and Wind unit; to create renewable energy division|date=6 March 2008|work=AFX News|publisher=Forbes|accessdate=2008-07-27] and Erelia. [cite news|url=http://www.iht.com/articles/ap/2007/10/09/business/EU-FIN-France-GDF-Wind-Power.php|title=Gaz de France buys 95 percent of French wind power company Erelia|date=9 October, 2007|work=Associated Press|publisher=International Herald Tribune|accessdate=2008-07-27] 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.

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 [cite news|url=http://www.iht.com/articles/2006/02/26/business/suez.php?page=1|title=France proposes 'patriotic' merger for utilities|date=26 February 2006|work=International Herald Tribune|accessdate=2008-07-27] (and the fifth-largest generator in Europe overall), [cite news|url=http://www.easybourse.com/bourse-actualite/suez/update-suez-ceo-gdf-suez-clearly-in-private-sector-FR0000120529-488501|title=Suez CEO: GDF-Suez "Clearly" In Private Sector|last=Mitchell|first=Adam|date=16 July 2008|work=Dow Jones Newswires|publisher=EasyBourse|accessdate=2008-07-27] as well as the largest non-state owned generator in both Brazil [cite news|url=http://www.bloomberg.com/apps/news?pid=20601084&sid=anhV4RroxMRo&refer=stocks|title=America Movil, Aracruz, OHL Brasil, Vale: Latin Equity Preview |last=Ragir|first=Alexander|coauthors=Freebairn, William|date=20 May 2008|work=Bloomberg|accessdate=2008-07-27] and Thailand [cite web|url=http://www.hoovers.com/glow-energy/--ID__139529--/freeuk-co-factsheet.xhtml|title=Glow Energy Public Company Limited |last=Hampton|first=Stuart|publisher=Hoover's|accessdate=2008-07-27] (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.cite web|url=http://www.gdfsuez.com/GB/en/activites/energie-europe-et-internationale/production-delectricite/|title=Europe and International: Electricity production|publisher=GDF Suez|accessdate=2008-07-27]

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

ubsidiaries 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)

hareholder structure

The largest shareholder in GDF Suez as of 22 July 2008 is the Government of France with 35.7%. Other major stakes are held by Groupe Bruxelles Lambert (5.3%), employees of the company (2.8%), Caisse des Dépôts et Consignations (1.7%), Areva (1.2%), CNP Assurances (1.1%), Crédit Agricole (0.7%) and Sofina (0.7%). [cite web|url=http://www.gdfsuez.com/CZ/fr/finance/espace-actionnaires/structure-de-lactionnariat/|title=Shareholding structure|date=22 July 2008|publisher=GDF Suez|accessdate=2008-07-22] The remaining 50.8% of the shares are free float.

Forecast figures

* 10 billion euros of investments per year on average over 2008-2010
* 100 GW of capacity come 2013 including more than 10 GW in France
* An EBITDA of 17 billion euros come 2010
* A distribution of dividends amounting to more than 50% of net earnings

Human resources

196,500 employees, including 134,500 in the Energy and energy services sector and 62,000 in the Environment sector
* Europe: 180,400 employees including 99,800 in France and 22,600 in Belgium
* North America: 4,400 employees
* South America: 2,500 employees
* Africa: 3,400 employees
* Asia/Pacific: 5,800 employees

The Group’s management

A Management Committee comprising 6 members

* 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

An Executive Committee comprising

* The members of the Management Committee
* The people in charge of the operational Business Lines and of certain functional Divisions
* GDF SUEZ will consist of six operational Business Lines: Energy France, Energy Europe and International, Global Gas and LNG, Infrastructures, Energy Services, and Environment.

The Board of Directors

* 24 members, including 7 representatives of the French government and 4 representatives of the workforce

5 committees, each headed by an independent Director

* The Audit Committee,
* The Nominations Committee,
* The Compensation Committee,
* The Ethics, Environment and Sustainable Development Committee,
* The Strategy and Investments Committee.

References

External links

* [http://www.gdfsuez.com/ Official website]


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