EPH (company) explained

Energetický a průmyslový holding, a.s.
Type:Joint-stock company
Foundation:2009
Location City:Prague
Location Country:Czech Republic
Area Served:Czech Republic, Slovakia, Germany, Poland, Hungary, Italy, United Kingdom, France
Key People:Daniel Křetínský (chairman, co-owner)
Industry:Energy
Owner:Daniel Křetínský (94%)
Num Employees:10,860 (2014)
Subsid:EP Infrastructure EP Power Europe
Footnotes:[1]

Energetický a průmyslový holding, a.s. (EPH) is a Czech Republic (Prague) based company currently investing mainly in the energy sector in Europe, founded in 2009.[2] The group's business lines covers the complete value chain ranging from highly efficient cogeneration, power generation, and natural gas transmission, gas storage, gas and electricity distribution and supply. The majority owner is Czech entrepreneur and lawyer Daniel Křetínský (94%), who is ranked among the richest Czechs in the long term and according to Forbes he became a dollar billionaire in 2017.[3] The remaining 6% is distributed among selected managers of EPH. EPH employs almost 25.000 people and comprises over 50 companies.

Ownership

The company was founded in August 2009 as an indirect subsidiary of J&T Finance Group. Initially, its ownership structure consisted of PPF (40%), J&T (40%) and Daniel Křetínský.[4] In August 2012 PPF converted part of its debt for EPH shares and increase its share to 44.4% (decreasing J&T share to 37.04% and Daniel Křetínský share to 18.52%).[5] In June 2014 PPF sold its stake for 1.1 EUR billions,[6] [7] since then ownership Daniel Křetínský and Patrik Tkáč own 2/3 share and J&T 1/3 share.[8] As of December 31, 2014 shareholders were equally BIQUES LIMITED (part of J&T PARTNERS I L.P.), MILEES LIMITED (part of J&T PARTNERS II L.P.) and EP Investment S.à r.l. (owned by Daniel Křetínský), while rest of 44.4% was treasury stock.[1] Treasury stocks were cancelled in September 2015.[9]

In October 2015 EPH announced its plan to reorganise all of its Central European infrastructure assets under one holding company, EP Infrastructure, and possibility of the disposal of a minority stake in that holding, including an initial public offering.[10]

In November 2016 EPH announced change in its shareholder structure and sale of 31% stake in EP Infrastructure to Macquarie Infrastructure and Real Assets (MIRA). After this transaction Daniel Křetínský will ultimately own 94% of EPH and the remaining 6% will by owned by managers of EPH.[11]

Activities by country

Czech Republic

Main assets held in the Czech Republic are:[12]

France

See main article: Société nationale d'électricité et de thermique. Since December 2018 EP Power Europe, a subsidiary of EPH, is negotiating to acquire all the French assets of German group Uniper. These assets include two gas-fired power plants with a total capacity of 828 MW, two coal power plants with an installed capacity of 1,200 MW, a 150 MW biomass power plant and 100 MW of wind and solar resources.[13] [14] Agreements were signed in July 2019.[15]

Germany

On 30September 2016, Vattenfall completed the sale of its German lignite facilities to the Czech energy group EPH and its financial partner PPF Investments. Named afterwards LEAG.[18] The following assets were transferred:

An October 2016 blog post speculates that the new owners are banking on government compensation for the forced early retirement of these assets. They may either seek capacity payments for staying online and providing backup or they may decommission and sue for lost profits.[19]

In November 2017 EPH subsidiary EP Power Europe acquired 750 MWe Mehrum Power Station.[20]

In May 2019 EPH subsidiary EP Logistics International acquired freight railway company .[21] [22]

Hungary

In June 2015 it was announced, that EPH will acquire 95.6% stake in Budapesti Erőmű from Électricité de France. Budapesti Erőmű owns three gas-fired cogeneration plants in Budapest region: (installed capacity of 188 MWe and 395 MWth), (105 MWe and 421 MWth) and (113 MWe and 366 MWth). These plants meet almost 60% of the demand for heat in Budapest and generate approximately 3% of Hungarian electricity.[23]

In December 2017 a consortium Mátra Energy Holding of EP Power Europe (EPH subsidiary) and Status Power Invest acquired 72.6% stake in Mátrai Eromu Zrt. Company is operating 950 MWe Mátra Power Plant as well as Visonta and Bükkábrány coal mine.[24]

Italy

In January 2015 it was announced, that EPH will acquire part of E.ON assets in Italy:[25] [26] [27]

Ireland

In October 2019 EP UK Investments, a subsidiary of EP Power Europe, acquired 80% share of Tynagh Energy Limited, owner of the 400 MWe gas-fired Tynagh Power Plant.[28] [29]

Poland

Slovakia

In January 2013, EHP acquired from GDF Suez and E.ON Slovak Gas Holding, owner of 49% share in Slovenský plynárenský priemysel for approximately €2.6 billion.[30] In September 2013 Government of Slovakia agreed to reorganization of SPP. As result Slovakia will gain 100% stake SPP, but EPH will gain 49% stake and management control in SPP Distribúcia, that will acquire most of current SPP subsidiaries.[31] [32]

In May 2013 Électricité de France (EDF) confirmed that it would sell its 49 percent stake in Stredoslovenská energetika (SSE) to EPH for about 400 million €.[33]

In December 2013 EPH acquired 40.45% stake in gas storage operator from E.ON,[34] [35] while 56.15% stake is held by EPH controlled SPP Infrastructure.

In December 2015 EPH signed a contract with Enel to buy 66% stake in Slovenské elektrárne, former Slovak electric utility state monopoly. In the first phase, Enel will sell 50% of holding company of 66% stake. In the second phase, a put or a call option for remaining 50% of holding company can be exercised after receiving the operation permit of Units 3 and 4 of the Mochovce Nuclear Power Plant, which are currently under construction.[36]

Ukraine

In April 2020 EPH subsidiary EP Ukraine has been granted a license to explore and extract mainly natural gas in the Grunivska field (Sumy Oblast, Poltava Oblast) and Ochtyrska field (Sumy, Poltava and Kharkiv Oblast).[37] [38]

United Kingdom

In November 2014 it was announced, that EPH will acquire Eggborough Power Station.[39] The transaction was completed in January 2015.[40]

In January 2016 EPH acquired Lynemouth power station from RWE npower.[41] In February 2016 it was reported that EPH are entering the SME retail energy market with a new online service called Energy Scanner.[42]

In June 2017 it was announced that EPH will acquire South Humber Bank and Langage Power Stations from Centrica.[43]

In April 2019 AES Corporation has agreed to sell Ballylumford power station and Kilroot power station to EP UK Investments, a subsidiary of EPH.[44] [45] The transaction was completed in June 2019.[46]

In March 2020 EP UK Investments acquired Humbly Grove Energy Limited, that owns and operates Humbly Grove Gas Storage facility.[47] [48]

Netherlands

January 2023 EPH acquired via its Dutch subsidiary EPNL the 50% stake of EDF in 870 MW Sloe powerstation.49 At the same time the other 50% of Sloe powerstation was acquired by an overtake of the Dutch energy company PZEM. With these deals EPNL got a 100% ownership on Sloe powerstation near Vlissingen and also a 50 km naturalgas pipeline was included in this deal, what supplies the Sloe powerstation.In the same periode EPNL take over the 800 MW gasfired Rijnmond Energy powerstation near Rotterdam from GSO Capital Partners.

In May 2023 EPNL acquire the Dutch assets of Castleton Commodities International (CCI). This deal include the 425 MW gasfired Maasstroom Energy powerstation nearby Rotterdam (and beside Rijnmond Energy) and a 50% stake in the 950 MW gasfired Enecogen powerstation in Europoort.https://www.cci.com/press-releases/news/castleton-commodities-international-llc-completes-sale-of-the-camden-bv-group-companies/50

See also

Notes and References

  1. Energetický a průmyslový holding, a.s. — 2014 Consolidated financial statement
  2. News: Profile - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2016-08-22. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2018-02-05. en-US.
  3. News: Nejbohatší lidé světa: první Gates, Kellner poprvé přes 300 miliard Kč, mezi nováčky je Křetínský Forbes. Forbes CZ. 2018-02-05. cs-CZ. https://web.archive.org/web/20170321084136/http://www.forbes.cz/nejbohatsi-lide-sveta-prvni-gates-kellner-poprve-pres-300-miliard-kc-mezi-novacky-je-kretinsky/#citat-dne. 2017-03-21. dead.
  4. 2009 EPH Annual Report
  5. http://www.tyden.cz/rubriky/byznys/svet-miliardaru/kellner-v-srpnu-zvysil-podil-v-eph-na-44-4-procenta_251343.html Týden.cz: Kellner v srpnu zvýšil podíl v EPH na 44,4 procenta
  6. http://www.motejlek.com/kellner-proda-svuj-podil-v-eph-od-kretinskeho-tkace-a-jt-struktur-dostane-30-miliard-korun motejlek.com: Kellner prodá svůj podíl v EPH, od Křetínského, Tkáče a J&T struktur dostane 30 miliard korun
  7. http://byznys.lidovky.cz/ppf-proda-svuj-podil-v-eph-holding-ovladnou-tkac-a-kretinsky-plf-/firmy-trhy.aspx?c=A140619_194525_firmy-trhy_sk lidovky.cz: PPF prodá svůj podíl v EPH. Holding ovládnou Tkáč a Křetínský
  8. Web site: EP Holding . Shareholding Structure . EP Holding . 2014-11-05 . https://web.archive.org/web/20141105070139/http://www.epholding.cz/en/investors/shareholding-structure/ . 2014-11-05 . dead .
  9. Web site: EPH: EPH decreases its registered capital via cancellation of own shares . 2015-10-25 . https://web.archive.org/web/20151031031826/http://www.epholding.cz/en/press/eph-decreases-its-registered-capital-via-cancellation-of-own-shares-2/ . 2015-10-31 . dead .
  10. Web site: EPH undertakes internal reorganisation and commences review of strategic alternatives for minority shareholding in its infrastructure assets. 22 October 2015. Energetický a průmyslový holding. 25 October 2015. https://web.archive.org/web/20151030004114/http://www.epholding.cz/en/press/eph-undertakes-internal-reorganisation-and-commences-review-of-strategic-alternatives-for-minority-shareholding-in-its-infrastructure-assets/. 30 October 2015. dead.
  11. News: EPH expects a change in its shareholder structure - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2018-02-05.
  12. Web site: Přehled Firem - Ep Energy A.S . Epenergy.cz . 2013-11-14.
  13. Web site: UNIPER enters exclusive negotiations with EPH for the sale of its activities in France. Energetický a průmyslový holding. 2019-05-11.
  14. News: Uniper in exclusive talks to sell French business to Kretinsky's EPH. 2018-12-24. Reuters. 2019-05-11.
  15. Web site: EPH signs agreements to buy generation business and other activities in France from Uniper. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2019-11-02.
  16. Web site: EP Energy acquires the Helmstedt mining district including the Buschhaus power plant - Tiskové zprávy EP ENERGY a.s . Epenergy.cz . 2013-09-18 . 2013-11-14.
  17. Web site: EP ENERGY kupuje významný podíl v elektrárně Schkopau - Tiskové zprávy EP ENERGY a.s . Epenergy.cz . 2012-07-17 . 2013-11-14 . 2012-12-16 . https://web.archive.org/web/20121216101017/http://www.epenergy.cz/press/ep-energy-kupuje-vyznamny-podil-v-elektrarne-schkopau-v-nemecku/ . dead .
  18. Vattenfall completes German lignite business sale. 30 September 2016. Vattenfall. Stockholm, Sweden. Vattenfall has completed the sale of its German lignite business to the Czech energy group EPH and its financial partner PPF Investments.. 2016-10-06. .
  19. Web site: Gerard . Wynn. Climate risk and Germany's lignite. 4 October 2016. Energy and Carbon. 2016-10-06.
  20. News: EPH acquires Mehrum Power Plant - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s..
  21. Web site: EP Logistics International, a.s. entered into an acquisition agreement of 100% shareholding in German transport company LOCON Logistik & Consulting AG.. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2019-11-02.
  22. Web site: EP Logistics acquires LOCON Logistik & Consulting. RailFreight.com. 2019-11-02.
  23. Web site: EDF and EP Energy sign definitive agreement for the sale of 95.6% of Budapesti Erőmű. Energetický a průmyslový holding. 30 July 2015. https://web.archive.org/web/20151031031822/http://www.epholding.cz/en/press/edf-and-ep-energy-sign-definitive-agreement-for-the-sale-of-95-6-of-budapesti-eromu/. 31 October 2015. dead.
  24. News: EPH to buy stake in the Hungarian company Mátra - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s..
  25. http://www.ceskenoviny.cz/zpravy/eph-group-buying-seven-power-plants-in-italy-from-e-on/1167925 České noviny: EPH group buying seven power plants in Italy from E.ON
  26. http://uk.reuters.com/article/eon-divestment-idUKL6N0UR1YF20150112 Reuters: E.ON sells most of Italian business to Czech-based EPH
  27. http://www.ilfattoquotidiano.it/2015/01/12/on-vende-7-centrali-elettriche-italiane-ceca-eph-sindacati-in-allarme/1333632/ Fatto Quotidiano: E.on vende 7 centrali elettriche italiane alla ceca Eph. Sindacati in allarme
  28. Web site: EPPE has purchased 80% of the shares of Tynagh Energy Limited. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2019-11-02.
  29. Web site: Czech EPH acquires 80% stake in Irish gas plant Tynagh S&P Global Platts. 2019-10-30. www.spglobal.com. 2019-11-02.
  30. Web site: EPH acquires a 49% stake and management control in Slovenský plynárenský priemysel a.s. (SPP) - Pro média - EPH . Epholding.cz . 2013-11-14.
  31. Web site: Další Křetínského vítězství na Slovensku – slovenská vláda právě schválila zpětný nákup podílu EPH v SPP « . Motejlek.com . 2013-11-14.
  32. Web site: 04_materiál.docx . Rokovania.sk . 2013-11-14 . dead . https://web.archive.org/web/20150610211039/http://www.rokovania.sk/File.aspx/ViewDocumentHtml/Mater-Dokum-159000?prefixFile=m_ . 2015-06-10 .
  33. News: Deals of the day - mergers and acquisitions . 24 May 2013 . Reuters . 2013-11-14.
  34. http://spectator.sme.sk/articles/view/52524/10/eon_sells_40_percent_stake_in_slovak_nafta_to_eph.html The Slovak Spectator: E.ON sells 40 percent stake in Slovak Nafta to EPH
  35. Web site: Global Gas Transport: EPH acquires 40 per cent stake in Slovakia's Nafta . 2015-01-15 . https://web.archive.org/web/20150115201756/http://www.globalgastransport.info/archive.php?id=14799 . 2015-01-15 . dead .
  36. News: EPH and Enel sign definitive agreement for the sale of Enel's stake in Slovenské elektrárne. 18 December 2015. Energetický a průmyslový holding. 8 January 2016. https://web.archive.org/web/20160215235458/http://www.epholding.cz/en/press/eph-and-enel-sign-definitive-agreement-for-the-sale-of-enels-stake-in-slovenske-elektrarne/. 15 February 2016. dead.
  37. Web site: EP Ukraine – PSA Grunivska & Okhtyrska – tender results. 2020-07-25. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s..
  38. Web site: Nafta expands on Ukrainian market - vEnergetike.sk. 2020-07-25. Webnoviny.sk.
  39. News: Křetínský koupil elektrárnu v Británii. Má výkon jako Temelín . cs. Jan . Žižka . 4 November 2014 . lidovky.cz . 5 November 2014.
  40. Web site: EPH: EPH has completed the transaction for the purchase of Eggborough . 2015-04-18 . https://web.archive.org/web/20150215091724/http://www.epholding.cz/en/press/eph-has-completed-the-transaction-for-the-purchase-of-eggborough/ . 2015-02-15 . dead .
  41. News: RWE sells Lynemouth power plant to EPH ahead of biomass conversion - Telegraph. Godsen. Emily. 7 January 2016. The Daily Telegraph. 8 January 2016.
  42. Web site: EPH eyes new build power stations, further acquisition and SME retail market. Utility Week. 3 March 2016.
  43. Web site: Centrica to sell Langage and South Humber Bank gas-fired power stations. centrica.com. 2017-06-27.
  44. Web site: EPH to buy Kilroot and Ballylumford power stations from AES. Energetický a průmyslový holding. 2019-05-11.
  45. News: Kilroot and Ballylumford power stations sold to Czech firm. Campbell. John. 2019-04-24. 2019-05-11.
  46. Web site: EPH has successfully completed the acquisition in Northern Ireland. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.. 2019-11-02.
  47. Web site: EP UK Investments Ltd Acquires Underground Gas Storage Facility in UK. 2020-07-25. ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s..
  48. Web site: 2020-03-24. EPH Acquires Humbly Grove Energy. 2020-07-25. Prague Business Journal.

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