ENGIE
(FORMER GDF SUEZ)
1. General Info
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previously called GDF Suez
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French multinational electric utility company, which operates in the fields of electricity generation and distribution, natural gas and renewable energy.
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headquartered in La Défense, Courbevoie
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formed on 22 July 2008 by the merger of Gaz de France and Suez
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Following the merger in 2008, the French state held approximately 35.7% of GDF Suez
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Key Sectors: Power, Natural Gas, Energy Services, LNG (Liquefied Natural Gas)
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800 researchers and experts at 7 R&D centers
2. The Code of Ethics
- act in accordance with the laws and regulations in force in the countries where it operates
- establish a culture of integrity
- behave fairly and honestly
- respect others
Four specific action principles:
- Rules are applied between employees, within the marked and the wider society
- Ethics officer
3. CSR Report
4. Awards
- #1 in 7 categories of the Energy Risk Commodity Rankings
- 2014 Commodity Business Award for “Excellence in Energy Markets”
- 2014 Energy Risk Manager of the Year Asia
5. Accusations
Belgian Units Accused of Tax Evasion
- Electrabel subsidiaries in Luxembourg
- the gas bills supplied to its Belgian unit were inflated by hundreds of millions of euros in 2012
- loss of tax revenues of around €170 million for Belgium
Texas allegations
- GDF Suez Energy North America Inc. was accused of manipulating the energy prices by withholding power in times of high demand
- the manipulation allegedly caused loses in the market for two energy traders, Aspire and Raiden
5. Corrective measures
Belgian Units Accused of Tax Evasion
- contested the accusations
- the company paid the sum sought by Belgium, but took the matter to a Belgian court in an effort to recover the money
Texas allegations
- the accusations were dismissed by a Texas federal judge as the rival companies had no evidence of violation of the laws
6. Refferences
- http://www.gdfsuez.com/en/group/
- http://www.gdfsuez.com/en/group/summary/
- http://www.gdfsuez.com/en/group/ethics-
- http://www.gdfsuez.com/wp-content/uploads/2012/04/CE_anglais_charte-ethique-gdfsuez-en-bd-web-111209.pdfcompliance/
- http://www.bloomberg.com/news/articles/2012-10-27/gdf-suez-s-belgian-units-accused-of-tax-evasion-l-echo
- http://www.wsj.com/articles/SB10001424052702303491404579388921300543440
- http://en.wikipedia.org/wiki/Engie
- http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11562546/GDF-Suez-to-change-name-to-Engie.html
- http://www.law360.com/articles/618657/rule-change-helps-gdf-suez-energy-beat-manipulation-suit