E.ON and Electrabel swap electricity

4 August 2009

GDF SUEZ and E.ON have to swap approximately 1,700 MW of generation capacity generated by conventional power stations in Europe.

GDF Suez and E.ON have finalised a deal that will allow the German utility access to the Belgium and Netherlands markets by acquiring 700MW of electricity in drawing rights from nuclear power stations with delivery points in Belgium (Doel and Tihange) and the Netherlands (Borssele). E.ON will also acquire the Langerlo coal and biomass-fired power station (556 MW) and the Vilvoorde gas-fired power station (385 MW).

In exchange, GDF Suez subsidiary Electrabel will receive the same drawing rights from nuclear power plants in Germany. E.ON will also give Electrabel 860 MW of conventional power stations and some 132 MW hydro-electrical capacity.

E.ON CEO Wulf Bernotat said: "The successful swap with Electrabel is another milestone in implementing the commitment with 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. 3in 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.”

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.

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