E.ON and GDF SUEZ finalise their swap of generation capacity in Europe
GDF SUEZ and E.ON signed today the final agreements to swap approx. 1,700 MW of generation capacity.
On completion of the transaction, Electrabel, Group GDF SUEZ will acquire from E.ON 860 MW of conventional power plants and some 132 MW hydro-electrical capacity. In addition, Electrabel will acquire electricity generated out of a capacity of 700 MW in form of drawing rights from nuclear power plants in Germany.
In return, E.ON will acquire from Electrabel, Group GDF SUEZ the Langerlo coal and biomass-fired power plant (556 MW) and the Vilvoorde gas-fired power plant (385 MW) plus electricity generated out of a capacity of 770 MW in form of drawing rights from nuclear power plants with delivery points in Belgium and the Netherlands.
E.ON CEO Wulf Bernotat said: "The successful swap with Electrabel is another milestone in implementing the commitment to the European Commission to reduce our generation capacity in Germany. It will enrich the competitive landscape in Germany and Belgium, thereby further stimulating competition throughout Europe. For E.ON, the swap with Electrabel also marks the successful entry into Belgium’s power generation market. With a market share of 9 %, we have directly become No. 3 in Belgium. Therefore, we’re continuing to rapidly expand our presence in Europe.We are currently active in more than 30 countries, giving us an outstanding European position.”
GDF SUEZ CEO Gérard Mestrallet said: “This ambitious transaction is a success. On a scale of the gradually integrated electrical markets of North-West Europe, that encompass Belgium, the Netherlands, France and Germany, GDF SUEZ maintains its total generating capacity with a globally unchanged risk profile. It will introduce a new competitor in the Belgian market, decreasing the capacity of Electrabel’s generation fleet by 2010 to 11,200 MW, representing 65 % of the total Belgian generation fleet. In Germany, it will strengthen our sustainable and balanced position in generation and sales by holding 2,000 MW of generation capacity. The currently under construction 800 MW new coal-fired power plant in Wilhelmshaven will further reinforce our generation portfolio in Germany when operational in 2012.”
After the closing of the transaction, the Group GDF SUEZ will have improved its coverage of the North West continental European countries as well as the physical and geographical balance between its generation and sales portfolio. E.ON at the same time will increase its generation capacity in Benelux to 3,600 MW.
The swap forms part of the measures pledged by E.ON to the EU Commission in 2008 to promote competition on the German energy market. In all, E.ON made a commitment to sell about 5,000 MW of generation capacity and its ultrahigh-voltage transmission network in Germany.
GDF SUEZ and E.ON are expected to complete the transaction after the necessary approvals of the anti-trust authorities.
Electrabel is acquiring:
- Coal-fired power plant Farge (350 MW)
- Coal-fired power plant Zolling (449 MW)
- Combined-cycle gas turbines (50 MW) located at Zolling power plant.
- A 50% stake in a 20 MW biomass generating unit at Zolling power plant.
- Jansen power plant group:
Reisach pump storage hydro plant (99 MW)
Trausnitz hydro-electric plant (1,8 MW)
Tanzmühle power plant comprising a pump storage unit (28 MW) and a hydro-electric unit (3,3 MW)
- Power procurement from Krümmel, Gundremmingen und Unterweser nuclear power plants (700 MW).
E.ON is acquiring:
- Coal-fired power plant Langerlo (556 MW)
- Gas-fired power plant Vilvoorde (385 MW)
- Power procurement from Doel 1, Doel 2 und Tihange 1 nuclear power plants (770 MW) with delivery points in Belgium and the Netherlands.
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