VERBUND becomes involved in Croatia

11.10.2005Wien

VERBUND and HEP, the leading electricity companies of Austria and Croatia respectively, agree on close cooperation. VERBUND, Austria’s leading electricity company, and its Croatian counterpart HEP (Hrvatska Elektroprivreda) signed a “memorandum of understanding” in Zagreb today, Tuesday.

In doing so, the two power suppliers have agreed to entertain close cooperation, especially regarding the expansion and perfection of electricity supply to Croatia. This step has been taken in good time with the beginning of negotiations for the country’s accession to the European Union.

In placing their signatures underneath the memorandum, Hans Haider, Chief Executive Officer of VERBUND, and Ivan Mravak, HEP-President of the Management Board, sealed their decisions regarding VERBUND’s consulting to HEP concerning European electricity market opening and deregulation and implications for the further development of the European power grid. The companies also envisage to cooperate with regard to upgrading and expansion of the Croatian power plant park, focussing on hydro power and thermal power plants. They foresee to establish a joint working group for the implementation of common projects.