juin
08
2009 | E.ON to sell over 300 megawatts of hydroelectric capacity to Austrian energy utility Verbund
E.ON will sell 13 hydroelectric plants located on the Inn River in southeast Germany to Verbund, a Vienna-based power company. The plants have an aggregate capacity of 312 megawatts (MW) and annual output of about 1,800 gigawatt-hours. The two companies signed the agreements for the deal last Friday evening in Munich. In a broad-based auction, Verbund, an experienced and proven operator of hydroelectric plants, submitted the overall most attractive bid. The criteria included ensuring the continued operation of the sites and securing the jobs of the 215 employees affected.
In return, E.ON will receive rights to procure electricity over a 20-year period from Zemm-Ziller pumped-storage hydroelectric plants in Austria’s Ziller River Valley plus cash compensation. These procurement rights represent about 318 MW of the plants’ total capacity. Verbund will continue to own and operate the plants, but E.ON will be able to make use of the procurement rights to suit its needs. The transaction is subject, in particular, to the approval of E.ON Supervisory Boards and antitrust authorities. Verbund’s Supervisory Board has already approved the deal.
The sale of the Inn River hydro plants represents another step in implementing the commitment E.ON made to the European Commission in May 2008 to sell bout 5,000 MW of generation capacity and its ultrahigh-voltage transmission system in Germany in order to further stimulate competition on Europe’s energy market. As part of this process, in December 2008 E.ON signed a memorandum of understanding with Belgium’s Electrabel to swap generation capacity and recently transferred stakes in certain power plants to Germany’s EnBW.
Including the Verbund deal, E.ON has now concluded agreements to sell a total of about 3,200 MW of generation capacity to deliver on its commitment.
Source : Communiqué E.ON
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