The Energy Group
Encyclopedia
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.
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.
The company was then demerged by Hanson plc
in 1996.
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). 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. Powergen purchased TXU's UK businesses for £1.37bn ($2.9bn) later that year.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
power generator and distributor. After it was demerged from Hanson plc
Hanson plc
Hanson plc is a British based international building materials company, headquartered in Maidenhead. Traded on the London Stock Exchange and a constituent of the FTSE 100 Index for many years, the company was acquired by a division of German rival Heidelberg Cement in August 2007.-History:Hanson...
in 1996 it was listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and was once a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
but it was acquired by Texas Utilities in 1998.
History
The origins of the business date back to 1990 when Hanson plcHanson plc
Hanson plc is a British based international building materials company, headquartered in Maidenhead. Traded on the London Stock Exchange and a constituent of the FTSE 100 Index for many years, the company was acquired by a division of German rival Heidelberg Cement in August 2007.-History:Hanson...
acquired Peabody Energy
Peabody Energy
Peabody Energy Corporation , previously Peabody Coal Company, is the largest private-sector coal company in the world. The company is headquartered in Downtown St. Louis, Missouri....
, a US
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
coal business. Hanson then expanded its energy interests in 1995 when it bought Eastern Group plc
Eastern Electricity
Eastern Electricity was an electricity supply and distribution utility serving eastern England, including East Anglia and part of Greater London...
, a UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
power and networks business.
The company was then demerged by Hanson plc
Hanson plc
Hanson plc is a British based international building materials company, headquartered in Maidenhead. Traded on the London Stock Exchange and a constituent of the FTSE 100 Index for many years, the company was acquired by a division of German rival Heidelberg Cement in August 2007.-History:Hanson...
in 1996.
In 1998, following an unsuccessful takeover attempt by Pacificorp
PacifiCorp
PacifiCorp is an electric power company in the northwestern United States.PacifiCorp has three primary subsidiaries:# Pacific Power is a regulated electric utility with service territory throughout Oregon, northern California, and southeastern Washington.# Rocky Mountain Power is a regulated...
, 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). 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
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
due mainly to the collapse of its UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
operations. Powergen purchased TXU's UK businesses for £1.37bn ($2.9bn) later that year.
Operations
The company was a holding company for:- Peabody EnergyPeabody EnergyPeabody Energy Corporation , previously Peabody Coal Company, is the largest private-sector coal company in the world. The company is headquartered in Downtown St. Louis, Missouri....
: coal activities in the United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
and Australia - Eastern Group: power and networks businesses in the UK.