The Energy Group
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.
|Derek Bonham, (Chairman)|
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.
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.
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.
- 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