Gaz de France spinned off its natural gas distribution activities in France to a new subsidiary “Gaz réseau Distribution France” – “GrDF” – in compliance with the law.

GrDF is a limited liability company and a wholly owned subsidiary of Gaz de France. It employs a total of 12,500 people, manages the longest natural gas distribution network in Europe (185,000 km) and serves almost 9,100 municipalities representing 76% of the French population. Its sound balance sheet will enable GrDF to ensure its missions.

This new subsidiary has a Board of Directors with 15 members, and a Chief Executive Officer. Laurence Hézard, who previously headed the distribution activities within Gaz de France, has been appointed Chief Executive Officer of the new entity for three years.

GrDF has been given all the assets, rights and obligations of Gaz de France related to its distribution activities, and especially the concession agreements, which bind Gaz de France with the municipalities. It is responsible, in particular, for the development, operation and maintenance of the networks, the capital investment strategy, the administration of concession agreements, as well as third parties access to the distribution network in a transparent and non-discriminatory manner.

A joint department set up with the subsidiary of EDF responsible for managing the electricity distribution network, will be in charge of responsibility for operation and maintenance of the networks for both subsidiaries, notably emergency breakdown services, meter reading services, and day-to-day relations with the local authorities.

GrDF has been given its own visual identity.

The spin-off operation was completed on an asset transfer basis. GrDF will be a fully consolidated subsidiary of Gaz de France and the transfer of assets will have no impact on the Group's consolidated accounts.

The Gaz de France Group, through GrDF, will pursue its missions of public service conferred by the Nation. GrDF will be devoted to promote the values of public service, the customers satisfaction, the modernization and development of networks.

Tags: Gaz de France