Spain's Gas Natural Restructures

Spanish utility Gas Natural announced May 30 that it will "simplify" and restructure its business from six into four key units with effect from July 1 2018.

In a stock market filing, it said the new business units will have full responsibility in their scope of action, while fulfilling the company's needs, once a new 2018-22 strategic plan is approved in late June. The move follows Francisco Reynes' appointment earlier this year as GN executive chairman, and the decision by Repsol to divest its 20.072% GN stake after having been a core shareholder for almost 20 years.

The four new units are as follows:

• Gas & Electricity - to include generation and renewable businesses, gas supply, global LNG marketing and logistics, and the marketing of gas and electricity in Europe;
• Business Infrastructures Spain & EMPL/Medgaz - to encompass GN-owned gas and electricity network businesses in Spain and the Maghreb-Europe and Medgaz gas pipeline connections with North Africa;
• Infrastructure Business Latin America South Zone - including GN-owned gas and electricity network businesses in Chile, Argentina, Brazil and Peru; 
• Infrastructure Business Latin America North Zone - GN's Mexican gas and electricity network businesses, plus its Panama business.

The head of its Gas & Electricity unit, Manuel Fernandez, was already head of GN's wholesale energy business.

Organogram courtesy of Gas Natural