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EPH (company)

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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.[2] 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.[2]

Energetický a průmyslový holding, a.s.
Company typeJoint-stock company
IndustryEnergy
Founded2009
Headquarters
Prague
,
Czech Republic
Area served
Czech Republic, Slovakia, Germany, Poland, Hungary, Italy, United Kingdom, France
Key people
Daniel Křetínský (chairman, co-owner)
Revenue
  • Increase €3,665 million (2014)
  • €3,188 million (2013)
  • Increase €846 million (2014)
  • €957 million (2013)
  • Increase €471 million (2014)
  • €524 million (2013)
Total assets
  • Increase €10,257 million (2014)
  • €12,435 million (2013)
Total equity
  • Increase €2,540 million (2014)
  • €4,261 million (2013)
OwnerDaniel Křetínský (94%)
Number of employees
10,860 (2014)
SubsidiariesEP Infrastructure EP Power Europe
Websitewww.epholding.cz
Footnotes / references
[1]

Ownership

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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

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Czech Republic

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

France

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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

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On 30 September 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 LOCON Logistik & Consulting [de].[21][22]

Hungary

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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: Kelenföld Power Station [hu] (installed capacity of 188 MWe and 395 MWth), Újpest Power Station [hu] (105 MWe and 421 MWth) and Kispest Power Station [hu] (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

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

Ireland

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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

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Slovakia

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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 NAFTA [sk] 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

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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

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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

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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.[1]

See also

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References

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  1. ^ a b Energetický a průmyslový holding, a.s. — 2014 Consolidated financial statement
  2. ^ a b c "Profile - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s." ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. 2016-08-22. Retrieved 2018-02-05.
  3. ^ "Nejbohatší lidé světa: první Gates, Kellner poprvé přes 300 miliard Kč, mezi nováčky je Křetínský | Forbes". Forbes CZ (in Czech). Archived from the original on 2017-03-21. Retrieved 2018-02-05.
  4. ^ 2009 EPH Annual Report
  5. ^ Týden.cz: Kellner v srpnu zvýšil podíl v EPH na 44,4 procenta
  6. ^ motejlek.com: Kellner prodá svůj podíl v EPH, od Křetínského, Tkáče a J&T struktur dostane 30 miliard korun
  7. ^ lidovky.cz: PPF prodá svůj podíl v EPH. Holding ovládnou Tkáč a Křetínský
  8. ^ EP Holding. "Shareholding Structure". EP Holding. Archived from the original on 2014-11-05. Retrieved 2014-11-05.
  9. ^ "EPH: EPH decreases its registered capital via cancellation of own shares". Archived from the original on 2015-10-31. Retrieved 2015-10-25.
  10. ^ "EPH undertakes internal reorganisation and commences review of strategic alternatives for minority shareholding in its infrastructure assets". Energetický a průmyslový holding. 22 October 2015. Archived from the original on 30 October 2015. Retrieved 25 October 2015.
  11. ^ "EPH expects a change in its shareholder structure - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s." ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2018-02-05.
  12. ^ "Přehled Firem - Ep Energy A.S". Epenergy.cz. Retrieved 2013-11-14.
  13. ^ "UNIPER enters exclusive negotiations with EPH for the sale of its activities in France". Energetický a průmyslový holding. Retrieved 2019-05-11.
  14. ^ "Uniper in exclusive talks to sell French business to Kretinsky's EPH". Reuters. 2018-12-24. Archived from the original on December 24, 2018. Retrieved 2019-05-11.
  15. ^ "EPH signs agreements to buy generation business and other activities in France from Uniper". ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2019-11-02.
  16. ^ "EP Energy acquires the Helmstedt mining district including the Buschhaus power plant - Tiskové zprávy EP ENERGY a.s". Epenergy.cz. 2013-09-18. Retrieved 2013-11-14.
  17. ^ "EP ENERGY kupuje významný podíl v elektrárně Schkopau - Tiskové zprávy EP ENERGY a.s". Epenergy.cz. 2012-07-17. Archived from the original on 2012-12-16. Retrieved 2013-11-14.
  18. ^ "Vattenfall completes German lignite business sale" (PDF) (Press release). Stockholm, Sweden: Vattenfall. 30 September 2016. Retrieved 2016-10-06. Vattenfall has completed the sale of its German lignite business to the Czech energy group EPH and its financial partner PPF Investments.
  19. ^ Wynn, Gerard (4 October 2016). "Climate risk and Germany's lignite". Energy and Carbon. Retrieved 2016-10-06.
  20. ^ "EPH acquires Mehrum Power Plant - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s." ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.
  21. ^ "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. Retrieved 2019-11-02.
  22. ^ "EP Logistics acquires LOCON Logistik & Consulting". RailFreight.com. Retrieved 2019-11-02.
  23. ^ "EDF and EP Energy sign definitive agreement for the sale of 95.6% of Budapesti Erőmű". Energetický a průmyslový holding. Archived from the original on 31 October 2015. Retrieved 30 July 2015.
  24. ^ "EPH to buy stake in the Hungarian company Mátra - ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s." ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s.
  25. ^ České noviny: EPH group buying seven power plants in Italy from E.ON
  26. ^ Reuters: E.ON sells most of Italian business to Czech-based EPH
  27. ^ Fatto Quotidiano: E.on vende 7 centrali elettriche italiane alla ceca Eph. Sindacati in allarme
  28. ^ "EPPE has purchased 80% of the shares of Tynagh Energy Limited". ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2019-11-02.
  29. ^ "Czech EPH acquires 80% stake in Irish gas plant Tynagh | S&P Global Platts". www.spglobal.com. 2019-10-30. Retrieved 2019-11-02.
  30. ^ "EPH acquires a 49% stake and management control in Slovenský plynárenský priemysel a.s. (SPP) - Pro média - EPH". Epholding.cz. Retrieved 2013-11-14.
  31. ^ "Další Křetínského vítězství na Slovensku – slovenská vláda právě schválila zpětný nákup podílu EPH v SPP «". Motejlek.com. Retrieved 2013-11-14.
  32. ^ "04_materiál.docx". Rokovania.sk. Archived from the original on 2015-06-10. Retrieved 2013-11-14.
  33. ^ "Deals of the day - mergers and acquisitions". Reuters. 24 May 2013. Retrieved 2013-11-14.
  34. ^ The Slovak Spectator: E.ON sells 40 percent stake in Slovak Nafta to EPH
  35. ^ "Global Gas Transport: EPH acquires 40 per cent stake in Slovakia's Nafta". Archived from the original on 2015-01-15. Retrieved 2015-01-15.
  36. ^ "EPH and Enel sign definitive agreement for the sale of Enel's stake in Slovenské elektrárne". Energetický a průmyslový holding. 18 December 2015. Archived from the original on 15 February 2016. Retrieved 8 January 2016.
  37. ^ "EP Ukraine – PSA Grunivska & Okhtyrska – tender results". ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2020-07-25.
  38. ^ "Nafta expands on Ukrainian market - vEnergetike.sk". Webnoviny.sk. Retrieved 2020-07-25.
  39. ^ Žižka, Jan (4 November 2014). "Křetínský koupil elektrárnu v Británii. Má výkon jako Temelín" (in Czech). lidovky.cz. Retrieved 5 November 2014.
  40. ^ "EPH: EPH has completed the transaction for the purchase of Eggborough". Archived from the original on 2015-02-15. Retrieved 2015-04-18.
  41. ^ Godsen, Emily (7 January 2016). "RWE sells Lynemouth power plant to EPH ahead of biomass conversion - Telegraph". The Daily Telegraph. Retrieved 8 January 2016.
  42. ^ "EPH eyes new build power stations, further acquisition and SME retail market". Utility Week. Retrieved 3 March 2016.
  43. ^ "Centrica to sell Langage and South Humber Bank gas-fired power stations". centrica.com. Retrieved 2017-06-27.
  44. ^ "EPH to buy Kilroot and Ballylumford power stations from AES". Energetický a průmyslový holding. Retrieved 2019-05-11.
  45. ^ Campbell, John (2019-04-24). "Kilroot and Ballylumford power stations sold to Czech firm". Retrieved 2019-05-11.
  46. ^ "EPH has successfully completed the acquisition in Northern Ireland". ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2019-11-02.
  47. ^ "EP UK Investments Ltd Acquires Underground Gas Storage Facility in UK". ENERGETICKÝ A PRŮMYSLOVÝ HOLDING, a.s. Retrieved 2020-07-25.
  48. ^ "EPH Acquires Humbly Grove Energy". Prague Business Journal. 2020-03-24. Retrieved 2020-07-25.
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