EU gives VERBUND go-ahead for APC sale to Istrabenz

The EU competition authorities now approved the sale of the electricity marketing subsidiary VERBUND-Austrian Power Vertriebs GmbH (APC) to the Slovenian Istrabenz Energetski Sistemi, d.o.o. Since the sale of APC had been the major condition for the approval of the bundling of trading and sales of VERBUND and EnergieAllianz (EVN, Wien Energie, Energie AG Oberösterreich, Linz AG and Bewag), the last major hurdle of the Austrian Power Solution (ÖSL) was thus taken at the same time.

“With the sale of APC the only suspensive condition of the EU competition authorities for the Austrian Power Solution has been met. The market entry of Istrabenz, which is taking over APC customers with a power consumption of more than 1 GWh, clearly stimulates competition in the domestic business customer market as required“, says Mr. Hans Haider, VERBUND CEO.

Jointly with the companies of EnergieAllianz, VERBUND is now going to implement the Austrian Power Solution as rapidly as possible. The planned starting date is October 1, 2004. Under the leadership of VERBUND the area of power trading is to be united, and the area of business customer sales under the leadership of EnergieAllianz. To this end, EnergieAllianz will participate in the VERBUND power trading subsidiary Austrian Power Trading (APT) with a share of one third, and VERBUND will join the EnergieAllianz marketing subsidiary „e&s neu“ with a share of 33 percent. APT will handle a power trading volume of nearly 100 TWh and thus take a top position in the European electricity market.

Mr. Haider concluded by saying: “We want to implement the Austrian Power Solution soon. The expected synergies of 40 million Euro per year, prorated to 2004, will additionally strengthen the international competitive position of VERBUND“.