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

EPA releases coal ash rule

The U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy announced the agency will now consider coal ash on the same level as household waste as opposed to hazardous waste. Household garbage and coal ash are both listed in the solid waste category, a stretch from the hazardous waste classification.

Fuel Tech receives air pollution control contracts worth $3.6Mn

Fuel Tech Inc. has received multiple air pollution control (APC) contracts, worth approximately $3.6 million, from customers in China, Europe and the U.S.

Follow Power Engineering on Twitter
Latest News

S. Africa court dismisses Westinghouse nuclear generator replacement dispute

A South African court dismissed a filing from Westinghouse Electric Co. asking to reopen bidd...

IAEA urges India to tighten nuclear safety regulations

The International Atomic Energy Agency (IAEA) is pressing India to tighten its nuclear safety...

Caterpillar's C280 Genset enters China offshore market

Caterpillar Oil & Gas will supply six of its Cat C280-16 offshore generator sets (gensets...

Justices divided over EPA mercury limits

The Supreme Court's conservative justices cast doubt on the Obama administration's first-ever...

Report: Global wind power installations increased by 42% in 2014

Global wind power installations grew 42 percent year-over-year, according to a new report con...

Low carbon standard passes Ill. Senate committee

An Illinois Senate committee passed a bill that would establish a low carbon standard that wo...

Russia to build two nuclear power reactors in Jordan for $10bn

Russia signed a $10 billion deal to build Jordan’s first nuclear power plant.

Iowa top officials on opposites sides in EPA lawsuit

Iowa's governor and attorney general were on opposite sides of a case argued Wednesday at the...

Power Engineering Current Issue

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

Archived Articles

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

Buyers Guide Categories

Power Industry Wire News

Dates Announced for 8th Annual Whale Shark Festival in Isla Mujeres

Dates Announced for 8th Annual Whale Shark Festival in Isla Mujeres

Earthstone Energy, Inc. Reports Fourth Quarter and Full Year 2014 Results

Earthstone Energy, Inc. Reports Fourth Quarter and Full Year 2014 Results

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Steve Harvey Show

Chicago's Lakeshore Recycling Systems Helps Change a Life on March 27 Airing of the Ste...

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

East West Petroleum Corp.'s CEO David Sidoo Interviewed by The Energy Report

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

Perma-Fix Schedules Fourth Quarter 2014 Earnings Conference Call

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 >>