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Naturgy stems from the acquisition of Union Fenosa in 2008. The company operates across the gas value chain, from procurement to distribution and marketing. It owns and operates the largest gas distribution network in Spain and is the leader in retail gas supply. The company also owns and operates gas and electricity distribution networks in Latin America. The company owns 12.60 GW of generation capacity including 4.60 GW of renewables, mostly made of hydro.