VERBUND and EnergieAllianz reach consensus


The negotiating partners of VERBUND and EnergieAllianz today reached a consensus on the remaining open points regarding the implementation of a common electricity solution and drew up a joint heads of agreement. Solutions were worked out with regard to both the issue of future competition in the retail business and the right to demand assignment of shares in the case of a withdrawal of an EnergieAllianz company.

Thus there will continue to be independent market launches by VERBUND and EnergieAllianz in the retail business for customers with less than 4 million kilowatt hours (kWh) electricity consumption per year. Consensus was also reached in the pending item regarding the mutual right to demand assignment of shares. A further step in the process involves the increase of participating interests - provided permission of the antitrust authorities is granted - to 33 percent.

Moreover, the contracting partners have agreed to the granting of mutual support for strategically important projects, especially in Austria.

Based on the joint heads of agreement, the contracts will be drawn up and then submitted to the antitrust authorities in Brussels for approval. Once the signed contracts as well as a positive statement from Brussels are available, VERBUND, in an extraordinary general assembly, will submit “Electricity Solution 05” to its shareholders for adoption of resolution.