VIDEO: E.On to divest its coal, gas generation assets to Czech energy company
The transaction is subject to the approval of the European Union competition authority
E.On has decided to sell its Italian coal and gas generation assets to Czech energy company Energetický a Průmyslový Holding.
With EPH, E.On has found a buyer for all its thermal generation activities in Italy who is fully committed to the further development and long-term future of the assets thereby helping to ensure security of supply for the country. The Prague-based company is a vertically integrated energy group with presence in various European countries.
The activities that will be sold have a total generation capacity of about 4,500 MW. They consist of an about 600 MW coal-fired power plant in Sardinia and about 3,900 MW of gas-fired power capacity across six power plants located on the Italian mainland and in Sicily.
The transaction is subject to the approval of the European Union competition authority. The transaction is expected to close in the second quarter of 2015.
EPH is a vertically integrated energy group owning and operating predominantly regulated and contracted energy assets in the Czech Republic, Slovakia, Germany and Poland. EPH is a dominant player in the Slovak gas and electricity distribution industry, key transporter of Russian natural gas to the EU, number one gas storage provider in CE region, number one heat supplier in the Czech Republic, third largest coal mining company in Germany, second largest power distributor in Slovakia, power producer in the Czech Republic and Germany and hard coal miner in Poland.