The board of directors of Naturgy have unanimously decided to give the green light to a proposal of the management committee to reorganise the Spanish company.
The so-called Gemini project entails the split of Naturgy’s current businesses into two large listed groups that will maintain the current shareholder composition.
“The two clearly differentiated business profiles will allow, among other things, to simplify and focus the management of each of these groups to accelerate the Strategic Plan, boosting growth and their contribution to the energy transition, adapting them to the reality of the sector,” Naturgy said.
One of the two groups will manage the development of renewable energies, the portfolio of energy customers and associated services, the conventional generation business and the management of wholesale energy markets.
It has targets for 2025 of more than 25GW of installed capacity, of which 14GW is renewables and 11GW conventional generation.
The other group will bring together all businesses dedicated to the management of regulated energy distribution and transmission infrastructures.
Naturgy chairman Francisco Reynes (pictured) said: “With this project, Naturgy is making decisive progress in its transformation and comes ahead of the disruptive changes the sector is experiencing.
“Gemini will drive growth beyond the Strategic Plan, setting a new path for a pragmatic approach to the energy transition.”
The company expects to complete an analysis in a few months and thus be able to execute Gemini during the 2022 financial year, after submitting it for final approval by the general shareholders’ meeting.