EU grants extension of time limit for meeting ÖSL requirements

12/19/2003Wien

VERBUND and EnergieAllianz were granted a four-month extension of the time limit for meeting the requirements linked to the big Austrian Power Solution (ÖSL) by the EU Competition Commission.

The main issue is the sale of the shares of VERBUND in its distributor subsidiary VERBUND-Austrian Power Vertriebs GmbH (APC), which supplies a volume of approx. 3,000 GWh of electricity to customers. VERBUND is holding 55 percent of the APC shares, the Styrian Estag 35 percent, and the Salzburg SAG 10 percent.

The VERBUND management is positive about meeting the EU requirements within the extended time limit, as APC is one of the most active and attractive players in the liberalized national key account market. Should - contrary to all expectations - no solution be found for the sale, an alternative way how to implement the Austrian Power Solution with its total synergy potential of annually 80 million Euro (40 million VERBUND and EnergieAllianz each) will be discussed with the associate companies of EnergieAllianz.