Draukraft is to become 100% subsidiary of AHP

VERBUND-Austrian Hydro Power AG (AHP) is to take over Österreichische Draukraftwerke AG (Draukraft) at100 % with retroactive effect as at 1-1-2000.

As a countermove, Kelag is to get 10 % of the AHP-shareholdings. The necessary resolution was adopted by the AHP-Supervisory Board and general meeting of stockholders yesterday, Wednesday, evening.

So far, the VERBUND company is holding 51 % of Draukraft; 49 % are owned by Kärntner Elektrizitätwirtschafts-AG (Kelag), in which VERBUND on the other hand has a share of 35 %.

VERBUND and Kelag are now contributing their shares in Draukraft to AHP. A resolution to increase the capital as required was now adopted by the AHP supervisory bodies. The corresponding resolutions of Verbundgesellschaft and Kelag will be passed soon.

This step means a consistent continuation of the VERBUND group’s restructuring policy so far to adapt to the challenges of the free power market. Increase in efficiency and cost-cutting are required primarily.

With 26 big power stations generating a yearly average of more than 16 billion kilowatt hours and a bottleneck capacity of approx. 4,300 megawatt, AHP is by far Austria’s biggest power producer even today.

The 22 Draukraft power stations will increase the production by 5 billion kWh (or approx. 30 %) to more than 21 terawatt hours and the capacity by approx. 2,200 MW (or 50 %) to 6,500 MW. Thus AHP supplies approximately 40 % of the electricity produced in Austria. More than 90 % are generated by hydropower.