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Eon, EDF, ENBW in major asset swap deal
Duesseldorf, Germany (UPI) Oct 2, 2009 German energy giant Eon has agreed to an extensive swap of generation capacities with French competitor Electricite de France and ENBW, in what observers say is a boost for competition in the European energy market. The three companies will swap assets with a total generation capacity of 1,200 MW, Eon said in a statement Thursday. Duesseldorf-based Eon will take full control of French energy supplier SNET by receiving a 35 percent stake currently held by EDF and Charbonnage de France. SNET operates mainly coal-fired power stations in France and has total generation capacity assets of 2,500 MW. Eon will also receive ENBW's electricity drawing rights for 800 MW of power from EDF-owned nuclear reactors in France. Eon Chief Executive Officer Wulf Bernotat said the deal would enable his company to better bundle its French activities and tap valuable synergies. "We are thus strengthening our position in the important French energy market, the second largest in Europe," he said in a statement. "The swap of generation capacities and drawing rights with EdF and EnBW is also another important step towards promoting competition in Europe." ENBW, which is one of four big utilities in the German energy market and controlled by EDF, will in return acquire drawing rights for 800 MW from Eon's nuclear power plants in Germany. ENBW is also due to get a 256 MW share in a coal-fired power plant near Rostock, and a drawing right for 159 MW from another coal plant in Lower Saxony. "These transactions allow EnBW to significantly develop its generation portfolio and achieve a better balance with its supply business in Germany, Europe's leading energy market," EDF said in a statement. "They are also in line with EDF Group's strategy to strengthen its positions in key European markets." The asset swap is part of a plan to reduce EDF's net financial debt by EDF by more than $7 billion. Eon agreed to the deal because it is part of a commitment made to the European Commission to boost competition in the oligopolistic German energy market. The Commission in November 2008 ended an antitrust case against Eon after the German utility accepted to sell its extra-high voltage distribution network and a fifth of its power generation assets. The companies released no financial details on the transaction but said the deal would come into effect on Jan. 1, 2010, subject to approval by antitrust and competition authorities. Share This Article With Planet Earth
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Areva blames Finnish firm for delays in Finland: reportHelsinki (AFP) Oct 2, 2009 French nuclear giant Areva's boss has blamed Finnish electric firm TVO for delays in building a nuclear reactor in Finland, Finnish media reported Friday. Finnish broadcaster MTV3 said it had obtained a copy of the letter sent by Areva's president Luc Oursel to TVO's board chairman Timo Rajala in which Oursel said the two companies had "no normal business relationship." Areva, together ... read more |
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