(MENAFN- The Peninsula) French electricity and gas company GDF Suez announced Friday it was changing its name to Engie as a reflection of the rapid changes in the energy industry towards renewable.
"The energy transition is more than ever a reality for which we have both great ambitions and a great responsibility," said chief executive Gerard Mestrallet in a statement.
"To meet the new challenges of this reality and to accelerate our development, we have decided to give the Group a new name: Engie."
The name GDF Suez resulted from the merger of Gaz de France and Franco-Belgium Suez seven years ago, but the company has expanded by absorbing Britain's International Power in 2010-2012.
Mestrallet said Engie was chosen as it evokes energy across languages.
The company ranks as the world's number three importer of liquefied natural gas and the top independent electricity producer, and it is investing heavily in renewable energy.
Renewables already account for 22 percent of the company's power capacity, and it is investing one billion Euros ($1.1 billion) in renewable energy projects over the next few years.
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