Naturgy to split into two listed companies

Naturgy, a multinational utilities company founded in Barcelona, announced on Thursday it would split into two major listed groups that will retain their current shareholder composition.

One of the new groups will manage liberalized businesses – power generation and management – while the other will focus on regulated infrastructure businesses.

This decision was made as part of the company's recently greenlighted Gemini Project, which intends to "simplify and focus the management of each of these groups" while "boosting growth and their contribution to the energy transition."

Naturgy, formerly known as Gas Natural Fenosa, is yet to confirm when this split will take place, but sources the Catalan News Agency spoke with said it would be in 2022.  

"With this project, Naturgy is making decisive progress in its transformation and comes ahead of the disruptive changes the sector is experiencing," said chairman Francisco Reynés. "Gemini will drive growth beyond the Strategic Plan, setting a new path for a pragmatic approach to the energy transition."

The liberalized group aims to have 25 GW of installed electricity generation capacity, of which 14 GW will be in renewable generation and 11 GW in conventional generation, as well as 11 million customers, and a diversified portfolio of 209 TWh of gas supplies by 2025.