E.ON swaps shareholdings with CEZ

4 July 2003 - E.ON has agreed a shareholding swap with the Czech energy supplier, CEZ. E.ON will acquire the CEZ shares in the South Czech regional utilities JME and JCE giving in return its minority stakes in the regional utilities ZCE and VCE. The transaction is subject to approval by the anti-trust authorities.

The share swap brings E.ON's stake from currently 45 per cent well up to an 80 per cent majority in JME. The JCE shareholding increases from just 14 per cent to 48 per cent. Both companies are direct neighbours supplying 1.4 million customers annually with nearly 12 billion kWh of electricity. Together they have about 24 percent of the Czech electricity market.

In a further step E.ON will tender the remaining shareholders of both companies a public take-over bid with the aim of obtaining a majority of JCE.

Along with the share swap, an option agreement was concluded allowing E.ON to give its minority interests in regional utilities SME (30.3 per cent) and SCE (5.9 per cent) to CEZ.

CEO and Chairman of the E.ON Board of Management, Wulf H. Bernotat said, "The agreement with CEZ is a decisive step toward a leading position in the growth market, Czech Republic. Together with our stakes in the electric utilities in Slovakia and Hungary, we will have one interlocking supply area in Central Europe at our disposal. That gives us the opportunity.

Sponsored by FLSmidth

Related Articles

California PUC works out compromise on San Onofre costs

The California Public Utilities Commission (CPUC) on Oct. 9 issued a Proposed Decision for commissioner consideration that would approve a settlement that provides consumer refunds and credits of about $1.3bn due to the premature shutdown of the San Onofre Nuclear Generating Station following a steam generator tube leak in January 2012.

Plan divides billions in closed nuke plant costs

California regulators Thursday issued a proposed settlement over who gets the bill for the now-closed San Onofre nuclear power plant in Southern California.

Follow Power Engineering on Twitter

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Buyers Guide Company Listings

Southern California Edison

Specializes in analysis of ion-exhange resin, chemical cleaning solvents, cooling water, wastewater, ultrapure water, bulk chemicals, boiler tube deposits, and more.

Power Industry Wire News

Enerpulse Technologies Founder and CTO Lou Camilli to Present Paper at Prestigious SAE Meeting in Birmingham, England

Enerpulse Technologies Founder and CTO Lou Camilli to Present Paper at Prestigious SAE ...

Virtual Reality Training Becomes Actuality for Los Angeles County Sheriff's Department Personnel With Purchase of VirTra's V-300(TM)

Virtual Reality Training Becomes Actuality for Los Angeles County Sheriff's Department ...

Cookeville, Tennessee Police Department Selects Digital Ally's Patented VuLink Connectivity for Officers and Law Enforcement Vehicles

Cookeville, Tennessee Police Department Selects Digital Ally's Patented VuLink Connecti...

Lithium Exploration Group Announces Results of Special Meeting of Shareholders

Lithium Exploration Group Announces Results of Special Meeting of Shareholders

Earthstone Energy, Inc. and Oak Valley Resources, LLC Announce Agreement to Acquire Additional Eagle Ford Interests

Earthstone Energy, Inc. and Oak Valley Resources, LLC Announce Agreement to Acquire Add...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>


Power Engineering Newscasts

EPA chief: carbon caps will boost economy
Australia, Russia enter nuclear power agreement with Argentina
Largest battery energy storage in North America now operational
EPA chief: carbon caps will boost economy Largest battery energy storage in North America now operational Australia, Russia enter nuclear power agreement with Argentina Texas’ Panda Temple combined cycle plant up and running
Siemens agrees to acquire Dresser-Rand
Safety concrete poured at UAE nuclear reactor power project
Foster Wheeler to upgrade natural gas-fired power plant’s emission controls
GE, TransCanada partner on natural gas turbine design
Energy storage global market to grow to $15.6B by 2024; DOE awards $2M to support taller wind turbine towers; Hinkley Point C nuclear project have financial incentives approved; N.J. company building waste-to-energy project in Ireland