E.ON is selling its high-voltage transmission network in Germany to Tennet, a state-owned Dutch network operator, for a provisional price of €1.1bn.
E.ON is selling its high-voltage transmission network in Germany to Tennet, a state-owned Dutch network operator, for a provisional price of €1.1bn (£1bn).
In December 2009, Tennet will take over all shares in the E.ON subsidiary Transpower Stromübertragungs, which owns and operates E.ON’s transmission network.
The German regional-distribution grids, which form the largest part of E.ON’s network business, are not affected by the sale and will remain a part of the infrastructure business managed by E.ON Energie in Munich.
Transpower Stromübertragungs emerged from E.ON Netz in 2009 when the latter was divided into two separate entities. The extra-high-voltage transmission network (220/380kV), with a total length of about 11,000km, was transferred to Transpower, which has around 650 employees at sites in Bayreuth, Bamberg and Lehrte.
The transaction, which is still subject to approval by the anti-trust authorities, is expected to be finalised in early 2010.