Following approval by the relevant antitrust authorities, Electricité de France (EdF) and German utilities EOn and Energie Baden-Weurttemburg (EnBW) have completed the swap of assets and rights representing more than 1200 MWe in generating capacity, including 800 MWe of nuclear generation. The deal - agreed last October - sees German energy supplier EnBW, already jointly controlled by EdF, acquire drawing rights for 800 MWe from EOn's German nuclear power plants, EOn's majority shareholding worth 256 MWe in the Rostock coal-fired power station and a drawing right for 159 MWe from another EOn coal-fired power station at Buschhaus. In return, EOn takes on EnBW's electricity drawing rights for 800 MWe of power from EdF's French nuclear power plants. In addition, EOn becomes the sole shareholder in SNET, France's only private-sector energy supplier, through the acquisition of EdF and Charbonnage de France's 35% stake in the company (EdF's 18.75% stake in SNET has been transferred to EOn). The swap forms part of a 2008 commitment made by EOn to the European Commission to promote competition in the German market by divesting a total of about 5000 MWe of its generation capacity and its German transition system network. The transactions also form part of a divestment program announced by EdF in February 2009 aimed at reducing its net financial debt by at least €5 billion ($7 billion) by the end of 2010.
Following approval by the relevant antitrust authorities, Electricité de France (EdF) and German utilities EOn and Energie Baden-Weurttemburg (EnBW) have completed the swap of assets and rights representing more than 1200 MWe in generating capacity, including 800 MWe of nuclear generation. The deal - agreed last October - sees German energy supplier EnBW, already jointly controlled by EdF, acquire drawing rights for 800 MWe from EOn's German nuclear power plants, EOn's majority shareholding worth 256 MWe in the Rostock coal-fired power station and a drawing right for 159 MWe from another EOn coal-fired power station at Buschhaus. In return, EOn takes on EnBW's electricity drawing rights for 800 MWe of power from EdF's French nuclear power plants. In addition, EOn becomes the sole shareholder in SNET, France's only private-sector energy supplier, through the acquisition of EdF and Charbonnage de France's 35% stake in the company (EdF's 18.75% stake in SNET has been transferred to EOn). The swap forms part of a 2008 commitment made by EOn to the European Commission to promote competition in the German market by divesting a total of about 5000 MWe of its generation capacity and its German transition system network. The transactions also form part of a divestment program announced by EdF in February 2009 aimed at reducing its net financial debt by at least €5 billion ($7 billion) by the end of 2010.
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