Eon and EDF complete asset swaps in France and Germany

Eon, EDF and EnBW, a German energy supplier jointly controlled by EDF and Eon, have completed a swap of electricity purchase rights and generation assets in France and Germany. The swap, agreed in autumn last year, was part of a deal between Eon and the European Commission to head off an antitrust investigation.

With the deal completed, Eon will receive power from 800 MW of nuclear power capacity in France from EnBW. Eon also acquires EDF's and Charbonnage de France's 35 per cent stake in the French energy supplier SNET, thus becoming the sole owner of SNET.

In return, EnBW will be able to call on power from 800 MW of German nuclear power station capacity. EnBW is also taking over Eon's 50.4 per cent stake in the Rostock coal-fired power station and will have rights to power from the Buschhaus coal-fired power plant.
 

The transfer of Eon's 50 per cent stake in Kraftwerk Mehrum , agreed in October between Eon and Stadtwerke Hannover, has also been finalised. In return, Eon is receiving a cash payment from Stadtwerke Hannover.
The measures agreed by Eon and the European Commission in 2008 aimed to promote competition in the German energy market. In total, Eon made a commitment to sell about 5,000 MW of its generation capacity and its German high-voltage grid. With the latest transactions, E.ON has signed agreements to sell around 4,800 MW of power station capacity in Germany to companies including Norwegian Statkraft, Belgian Electrabel and Austria's Verbund.