PARIS (Dow Jones)--French gas utility Gaz de France (1020848.FR) said Thursday it has spun off its natural gas distribution activities into a new fully consolidated subsidiary, Gaz reseau Distribution France, in compliance with the law.
The move creating GrDF was expected, and there will be no impact on GDF's consolidated accounts, the state-controlled gas utility said.
GrDF will be responsible for all of GDF's distribution activities and concession agreements binding GDF to municipalities. It will also be responsible for the development, operation and maintenance of the networks, capital investment, the administration of concession agreements and will handle access of third parties to the distribution network in a transparent and non-discriminatory manner.
GDF said a joint department with the company that manages Electricite de France's (1024251.FR) power distribution network has been set up that will be responsible for the operation and maintenance of the networks of both subsidiaries.