E.On joins Russians in consortium for Slovak electrity company

30.7.2004
[WISE]

Today, Slovak daily SME
published that the German electricity giant E.On has joint a consortium
led by the Russian electricity company InterRAO to bid for the 66%
shares that the Slovak State will selling off of Slovenske Elektrarne
(SE), the Slovak electricity company.

The consortium is furthermore joint by Framatome from France, the
German firm OstElektra and the Norwegian Norsk Hydro. InterRAO is
made up for 60% by RAO - UES Russia and 40% Rosenergoatom.

With this, E.On and InterRAO have taken an active position in the
discussion for the expansion of the Slovak nuclear generation capacity.
Slovak Economy Minister has lobbied heavily over the last months to
have finishing of two VVER 440 nuclear power stations in Mochovce
(Mochovce 3 and 4) as one of the central conditions of the SE
privatisation deal. This condition is not undisputed in Slovakia, with the
government not clearly backing up its Economy Ministry in the matter.
But with teaming up actively with nuclear building companies
Rosenergoatom and Framatom, RAO and E.On make a clear
statement that they expect an active development of Mochovce 3 and
4.

The role of E.On in this respect is quite surprising. In its home country
Germany it has accepted the phase-out of nuclear power. Becoming
active in the development of new nuclear generation capacity will load
it with the suspicion to want to "move the dirt eastward" - a kind of
nuclear imperialism. It is to be expected, that E.On will face strong
criticism at home if it will enter this deal under the condition to expand
nuclear power.

The new consortium will also prove a tough competitor for the Czech
energy giant CEZ, which was seen to today as having the largest
chances on SE.

Jan Haverkamp (consultant on nuclear issues): mobile +420.603 569
243, e-mail: jan.haverkamp@greenpeace.hu

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