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< Energy suppliers reported over underpayment fallout | Welsh Water reports £65 million profit over first half of year >
Eon sale creates Europe's first cross border transmission network
Eon has agreed to sell its high voltage transmission network in Germany to state-owned Dutch network operator, TenneT, for €1.1bn. Subject to approval by anti-trust authorities, it will be Europe's first cross border power transmission network.
As of 31st December, TenneT will take over all shares in the Eon subsidiary Transpower, which owns and operates the high voltage network.
Eon says the transaction will not affect the German regional distribution grids, which remain by far the largest part of its network business.
"This is another step towards integrating the European electricity market," said Eon CEO, Wulf Bernotat. "The sale, plus disposal of 4,800MW of power generation capacity so far, means we have almost fulfilled our commitment to the EU Commission."
The announcement comes as **Eon posted stable 9M09 results **with nine month adjusted earnings before interest and tax (EBIT) down €45 milion to €7.7 billion. The company says without currency translation effects from the UK and Sweden, its adjusted EBIT would actually be higher than the prior-year figure. Eon says it now expects the decline in full-year adjusted net income to be around 3-5 per cent. It had previously forecast a decline of 5-10 per cent.
Meanwhile Vattenfall denies a report by Swedish TV4 that the company is about to sell its Swedish Distribution business. The company says no such decision has been taken either by the Group management or the board.
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