EStAG and VERBUND take important step in Styrian power market
The Managing Boards of Energie Steiermark AG (EStAG) and VERBUND have taken an important step toward restructuring the heterogeneous Styrian power industries and consolidating the Austrian electricity market.
In a "Memorandum of Understanding" the two companies have agreed to transfer the STEWEAG and the STEG hydropower plants to the VERBUND-Austrian Hydro Power AG (AHP). In a subsequent step the resulting "STEWEAG Neu" and "STEG Neu" will be merged to form a joint company, which will work the Styrian market even more efficiently. The goal is a joint, offensive entry in trade and distribution to increase the lead in the Styrian market.
Both EStAG and VERBUND are positive that this is another important contribution to the establishment of an Austrian hydropower company. Thanks to this merger, synergy potentials can be utilized to strengthen the position of both companies in the domestic market.
EStAG and VERBUND will co-operate in other areas, too.
The merger is being settled speedily and, according to the schedules, is to be completed by the beginning of the second half of this year, when the implementing agreements are to be signed.