Engie Energy International
TypeSubsidiary
(Private limited company)
IndustryElectricity
Founded2000 (2000)
Headquarters
Newcastle upon Tyne
,
England, United Kingdom
Key people
Dirk Beeuwsaert (Chairman)
Philip Cox (CEO)
ProductsElectrical power
Revenue€16.167 billion (2011)[1]
€2.805 billion (2011)[1]
€1.797 billion (2011)[1]
ParentEngie
WebsiteOfficial website

Engie Energy International, formerly International Power, is a multinational electricity generation company headquartered in Newcastle upon Tyne, and a wholly owned subsidiary of the French company Engie (formerly GDF Suez).

The company was formed as International Power in 2000 by the demerger of National Power. It was listed on the London Stock Exchange from 2000 to 2 July 2012, and was a constituent of the FTSE 100 Index for most of that period. It had a market capitalisation of approximately £16.9 billion as of 23 December 2011, making it the 24th-largest company on the London Stock Exchange.[2]

In February 2011, GDF Suez acquired a 70% interest in International Power.[3][4] The purchase of the remaining 30% was announced by GDF Suez in April 2012, and the transaction closed in July 2012.[5] Following the acquisition, the company was renamed GDF Suez Energy International. In 2015, GDF Suez rebranded as Engie, and its subsidiary renamed itself in accordance.

History

Logo as International Power

In 2000 National Power demerged its UK businesses as Innogy plc with the remainder of the business being renamed International Power. The Company was first listed on the London Stock Exchange on 2 October 2000.[6]

In August 2010 the company announced a tie-up with GDF Suez via a reverse takeover 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.[3][4][7] The remaining 30% remained in the ownership of the existing International Power shareholders. The combination was completed on 3 February 2011 following approval by shareholders.[8]

In October 2010 MeyGen, a consortium of Morgan Stanley, Atlantis Resources Corporation and International Power, received an operational lease from the Crown Estate for a 400MW tidal power project for 25 years in the Pentland Firth.[9]

On 16 April 2012, GDF Suez announced the purchase of the remaining 30% of International Power and the transaction closed in July 2012.[5]

International Power has a pipeline of large projects in the emerging markets; namely South America, the Middle East, South-East Asia - representing approximately 13 GW generating capacity and expected to be completed between 2014 and 2017.[10] The purchase of IP will boost GDF Suez' presence in the growing energy demand regions.[5]

Operations

The company has more than 66 GW of power generation (gross) in operation and 22GW gross capacity under construction.[11] It has five business regions, and operates in 27 countries.[12]

References

  1. 1 2 3 "Preliminary Results 2011" (PDF). Archived from the original (PDF) on 2012-06-06. Retrieved 2012-03-25.
  2. ↑ "FTSE All-Share Index Ranking". stockchallenge.co.uk. Retrieved 26 December 2011.
  3. 1 2 "GDF takes control of International Power to form energy giant". Reuters. 10 August 2010. Retrieved 2012-06-06.
  4. 1 2 "GDF Suez Is Stepping On The Gas In Fast Growing Markets". Retrieved 2012-06-06.
  5. 1 2 3 "GDF Suez to Buy Remaining Stake in British Utility for $10 Billion". Retrieved 2012-06-06.
  6. ↑ National Power sweeps Board for demerger The Independent, 10 February 2000
  7. ↑ Lundgren, Kari (10 August 2010). "GDF Buys International Power, Pays Special Dividend". Bloomberg. Retrieved 10 August 2010.
  8. ↑ International Power sweetens GDF Suez merger with £1.4bn cash for investors The Telegraph, 10 August 2010
  9. ↑ Major Scottish tidal project unveiled New Civil Engineer, 28 October 2010. Retrieved: 4 November 2010.
  10. ↑ Presentation - GDF SUEZ / IPR: Capturing full potential of growing Energy markets pg 12
  11. ↑ "International Power and GDF Suez agree tie-up". BBC News. 10 August 2010.
  12. ↑ "Our history". GDF Suez UK & Turkey. Retrieved 23 August 2015.
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