The Board of Directors of the Spanish energy group Naturgy has approved the Gemini Project, which consists of the creation of two groups, one company dedicated to all the liberalised businesses with a focus on energy transition, and the other firm focused the management of regulated energy distribution and transmission infrastructures. Both groups will be listed and will have the same shareholding structure as today, with each of them ranking among the top twenty IBEX companies in terms of capitalisation.
The liberalised businesses of Naturgy will comprise the development of renewable energies, the portfolio of energy customers and associated services, and the conventional generation business that ensures energy supply, and the management of wholesale energy markets. It will target more than 25 GW of installed capacity by 2025, including 14 GW of renewable capacity and 11 GW of conventional capacity, 11 million customers and a diversified portfolio of 209 TWh of gas supplies. The regulated activities of Naturgy correspond to the management of regulated energy distribution and transmission infrastructures. They encompass an asset base of more than 155,000 km of electricity networks and 135,000 km of gas networks and 16 million connection points in six countries.
The split is expected to be executed in 2022.