The Energy Group
| Public | |
| Industry | Energy |
| Fate | Acquired |
| Successor | Texas Utilities |
| Founded | 1990 |
| Defunct | 1998 |
| Headquarters | London, UK |
Key people | Derek Bonham, (Chairman) |
The Energy Group plc was a British power generator and distributor. After it was demerged from Hanson plc in 1996 it was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but it was acquired by Texas Utilities in 1998.
History
The origins of the business date back to 1990 when Hanson plc acquired Peabody Energy, a US coal business. Hanson then expanded its energy interests in 1995 when it bought Eastern Group plc, a UK power and networks business.[1]
The company was then demerged by Hanson plc in 1996.[2]
In 1998, following an unsuccessful takeover attempt by Pacificorp, the company was the subject of a bidding war between Pacificorp and Texas Utilities. Texas Utilities won with a bid of approximately £4.5bn (Pacificorp's original bid in 1997 was £3.6bn).[3] Following the acquisition Texas Utilities was renamed TXU, with The Energy Group becoming TXU Energi, part of TXU Europe.
In October 2002 TXU announced it was pulling out of Europe due mainly to the collapse of its UK operations.[4] Powergen purchased TXU's UK businesses for £1.37bn ($2.9bn) later that year.[5]
Operations
The company was a holding company for:
- Peabody Energy: coal activities in the United States and Australia
- Eastern Group: power and networks businesses in the UK.
References
- ↑ British utility agrees to Hanson's cash bid New York Times, 1 August 1995
- ↑ Hanson hits 7-year low in run up to demerger Independent, 9 July 1996
- ↑ Texas raises Energy bid to £4.46bn BBC News, 3 March 1998
- ↑ US firm pulls plug in power crisis BBC News, 14 October 2002
- ↑ Powergen buys TXU's British arm BBC News, 21 October 2002
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