Phoenix Natural Gas - Group History

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Group History

1996    Launch of Phoenix Natural Gas by British Gas plc in September. At the time of its launch, the Phoenix development was one of the largest ‘greenfield’ private sector-led integrated gas transmission, distribution and supply investments in the world. This first year saw a licence being granted, construction commencing and the first customer connected.

1997    Purchase of a 24.5% stake in Phoenix by Keyspan. February marked an Anglo- American link-up, with the owners of The Brooklyn Union Gas Company.

2001    Purchase of a 24.5% stake in Phoenix by ESH plc. East Surrey Holdings (ESH) plc (a GB based water and gas utility) took a 24.5% in Phoenix reducing the BG holding to 51%.

2001    Established Phoenix Energy Services Limited as a provider of downstream services into the NorthernIreland energy market.

2003    Purchase of remaining 75.5% stake by ESH plc. ESH raised the finance to complete a buy-out of other partners, becoming sole owner of Phoenix.

2005    Purchase of ESH plc by Terra Firma. Through its Kellen vehicle, Terra Firma secured the purchase of East Surrey Holdings plc by the end of 2005.

2006    Sale of Sutton and East Surrey Water (SESW) plus subsidiaries. In spring, the sale of the SESW to Deutsche Bank was completed. In summer that same year, ESP (East Surrey Pipelines) was sold to ABN AMRO Infrastructure.

2007    Separation of Phoenix Supply Division. In line with the requirements of the Second EU Gas Directive 2003/55/EC, Phoenix legally separated its gas trading and supply division from its transmission and distribution business on 1st January 2007.

2008    Separation of Phoenix Natural Gas. On 1st January 2008 Phoenix completed the separation of its distribution division from that of transmission.

2008    Sale of Transmission Division. Phoenix completed the sale of its transmission assets to Northern Ireland Energy Holdings (NIEH) on 31st March 2008.

2009    Issue of 275m of Bonds due 2017 at rate of 5.5% by Phoenix Natural Gas Finance plc, guaranteed by Phoenix Natural Gas Limited and Phoenix Distribution Holdings Limited, with the proceeds being used as part of a restructuring process to refinance Group activities. These Bonds received a rating of Baa2 by Moody’s and BBB+ by Fitch.

2009    Phoenix extends its supply operations into the Republic of Ireland as its new subsidiary Phoenix Energy Limited commences trading.

2012 Sale of Supply Divisions. Phoenix completed the sale of its supply arms Phoenix Supply Limited and Phoenix Energy Limited to SSE plc/Airtricity on 22nd June 2012.

2013    Purchase of Phoenix Energy Holdings Ltd by Hastings. Hastings secured the purchase of Phoenix Energy Holdings Ltd on 2nd August 2013.

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