E.On says that it has nearly completed its commitment to divest 5000 MW of generating capacity in Germany.
The German utility has completed the swap of generating capacities agreed with EDF and EnBW in October 2009, and has also finalised the sale of shares in the Mehrum power station to Stadtwerke Hannover.
The deals mean that E/On has now divested 4800 MW of capacity in Germany – just 200 MW short of the commitment it made to the European Commission in 2008.
The capacity swap with EDF and EnBW has been approved by the relevant antitrust authorities. Under the deal, E,On will receive 800 MW of nuclear capacity in France from EnBW, and will also become the outright owner of French energy supplier SNET by acquiring EDF’s and Charbonnage de France’s shares in the firm.
In return, EnBW is able to obtain 800 MW of capacity from German nuclear power plants, and will take over E.On’s 50.4 per cent stake in the Rostock coal-fired plant.
Statwerke Hannover is making a cash payment for E.On’s 50 per cent stake in the Mehrum power plant.
The European Commission directed E.On to divest generating capacity in order to promote competition in the German energy market.
