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Statkraft and E.ON sign € 4.5 billion swap agreement

30 July 2008

European hydrogeneration companies Statkraft and E.ON have signed the final agreement to swap Statkraft’s 44.6% shares in E.ON Sverige and a Swedish hydropower plant in return for one third of E.ON Sverige’s hydropower production, five Swedish district heating plants, two gas fired power plants and 11 hydropower plants in Germany. The deal also involves one UK hydropower plant, as well as shares in E.ON. In addition Statkraft receives a structured gas storage and an electricity supply contract.

Statkraft and E.ON have signed € 4.5 billion swap agreement
Statkraft and E.ON have signed € 4.5 billion swap agreement

The total value of the asset swap is € 4,495 million and Statkraft will increase its total generation capacity with approximately 2,500 MW.

“Through this agreement, Statkraft will strengthen its position as a flexible and environment-friendly energy provider in the Nordic and Continental markets. The hydropower plant in Wales will represent a new foothold for Statkraft in the UK market,” says Bård Mikkelsen, CEO of Statkraft.

Statkraft becomes one of the four largest electricity producers in Sweden. Increased flexible power generation in Germany and the UK strengthens the company’s position as a significant player in Northern Europe and gives Statkraft a solid platform for future growth in these core markets.

The agreement sees the progression of two experienced European competitors in the Nordic market. This supports EU’s market liberalisation and creates more competition, benefiting customers and energy supply security.

E.ON Sverige AB is today owned 55.4% by E.ON AG and 44.6% by Statkraft AS. The transaction will release a high value creation for Statkraft’s investment in E.ON Sverige AB, and at the same time transfer this value into 100 per cent ownership in strategic assets in core markets.

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