E.ON close to selling domestic regional suppliers

25 August 2009 - German energy giant E.ON has agreed on a sale price of EUR2.9bn ($4bn) for Thuga, its holding company with minority stakes in 90 municipal energy suppliers across Germany.

According to Datamonitor, the move, which is in line with the recent trend of utilities to consolidate asset holdings and reduce debt and spurred by antitrust concerns from the European Commission, is a sensible one, and could leave the German utility free to consolidate its position in new markets.

Thuga's net income in 2008 was EUR270m, on sales of EUR630m from minority stakes in 90 municipal suppliers of gas, electricity and water across Germany. Last year, the Thuga Group supplied 2.9m natural gas customers, 3.5m electricity customers and 1m water customers.

The agreed price for Thuga is lower than previous analyst estimates says Datamonitor, but significantly it does not include four of E.ON's stakes in local utilities, which it has decided to keep for the time being.

The group buying Thuga consists of Integra, a consortium of three regional utilities, and the Kom/9 consortium, which consists of a further 45 German municipal utilities.

Sponsored by FLSmidth

Related Articles

10/29 Henry Hub Average Natural Gas Spot Prices

The Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX).

Report finds problem with Hanford nuclear vapors

The U.S. Department of Energy does not have an adequate system to detect whether harmful vapors are sickening workers at the Hanford Nuclear Reservation, the nation's most polluted nuclear site, according to a new report issued Thursday.

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

Buyers Guide Categories

Power Engineering Current Issue

10/01/2014
Volume 118, Issue 10
1410pe-cover

Buyers Guide Company Listings

Belt Tech Industrial

Belt Tech Industrial, founded in 1991, provides quality conveyor belt system products and service. From certified service crews to knowledgeable sales force you can count on Belt Tech's conveyor solutions.

Independent Power Associates Inc

Specializes in providing engineering, project management, operator training, operator qualification programs, maintenance/operations program audits and compliance reviews to power plant and industrial plant facilities.

nHance Technologies Inc

Provides full-scope high-fidelity operator training simulators with DCS virtual packages or cost-saving emulation, dynamic simulation software (MMS), engineering/control analysis, fossil/nuclear simulator upgrades as well as ebooks on power plant fundamentals.

Albert Energy LLC

Albert Energy is a direct-hire recruiting firm offering qualified candidates, placement services and executive searches to the power sector throughout North America.

Power Industry Wire News

Synergy Resources Announces $125 Million Purchase Agreement for Wattenberg Field Assets and $230 Million in Committed Financing, Company to Host Conference Call Tomorrow, October 31st

Synergy Resources Announces $125 Million Purchase Agreement for Wattenberg Field Assets...

AXT, Inc. Announces $5 Million Stock Repurchase Program

AXT, Inc. Announces $5 Million Stock Repurchase Program

SAExploration Announces Third Quarter 2014 Earnings Release and Conference Call Schedule

SAExploration Announces Third Quarter 2014 Earnings Release and Conference Call Schedule

Midcoast Energy Partners, L.P. Declares Distribution Increase and Reports Earnings for Third Quarter 2014

Midcoast Energy Partners, L.P. Declares Distribution Increase and Reports Earnings for ...

Northern Power Systems Brings Advanced Hybrid Energy Technology to Asia

Northern Power Systems Brings Advanced Hybrid Energy Technology to Asia

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