VERBUND-Austrian Power Grid Is A Stock Corporation Now

9/21/2001Wien

VERBUND-Austrian Power Grid (APG), previously the VERBUND group’s network company acting as limited liability company (Ges.m.b.H.), has been registered as stock corporation. The change in legal form takes effect retrospectively on January 1, 2001. The unquoted corporation continues to remain under the 100% ownership of VERBUND.

By the conversion, Austria’s leading power company VERBUND is stepping up the process of so-called unbundling of the group divisions or subsidiaries as pursued by the EU. Also, as corporation APG now meets the criterion of independence of transmission grid operators required by the Austrian lawmaker.

The APG is by far Austria’s largest power transporter, operating a super-voltage grid 3,500 km in length, which covers four fifths of power transports in Austria. With 380 employees, the APG generates an annual turnover of approx. 280 million EUR (3.85 billion ATS).