Further Boost For Hydropower in Austria

2/15/2002Wien

The shareholders’ meeting of VERBUND-Austrian Hydro Power AG (AHP), Austria’s largest power producer, has approved the change of the company’s legal form and a capital increase in the course of the transfer of the hydropower activities of STEWEAG and STEG to AHP today.

Putting together the hydropower of AHP, STEWEAG and STEG is another step towards strengthening this eco-friendly, renewable form of energy.

The enlarged AHP has 85 power plants now. A producer of purely hydroelectric power, the company will thus increase its average annual production to approximately 21,500 GWh and further develop its position as the by far largest Austrian power producer. In the EU, too, the company ranks among the largest producers of renewable hydropower.

In the now enlarged AHP, VERBUND is holding approximately 80.3 % of the capital stock, 5.3 % are held by EStAG, 10 % by Kelag, and the rest by Wienstrom, EVN, Energie AG OÖ, and the provinces of Tyrol and Burgenland. The company’s chief executives are Dr. Herbert Schröfelbauer as Chairman – responsible for Operations and Maintenance - and Michael Amerer, who is running the commercial agenda. The domicile of the company is Vienna.

With the production of AHP and the power purchases from investments in another 20 hydroelectric power plants on the rivers Inn, Enns and Danube, VERBUND disposes of more than 24,500 GWh of renewable hydroelectric power.

“The close alliance between VERBUND and provincial companies shows that solutions on a basis of mutual trust and cooperation for the benefit of the domestic economy are very well feasible in Austria”, Mr. Hans Haider, Chairman of the VERBUND Board of Management, says delightedly about the joint action.