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Verbund could lose interest in French Poweo

Austrian energy provider Verbund’s 46 per cent interest in French electricity provider Poweo may become less valuable if the firm makes good on its threat to stop providing service to end customers.

Poweo threatened today (Fri) to leave the end-customer business if pushing through a law diminishing electricity giant Electricite de France’s (EdF) power was further delayed, according to Bloomberg news agency.

Poweo chief Loic Caperan said: "We will carefully examine the situation to determine whether the law will enter into force only at the end of 2011."

Even if Poweo stopped its end-customer service, it would continue its large-customer business and electricity production, Verbund spokeswoman Ines Schurin said today.

Poweo had net losses of 93.5 million Euros last year.

The new French law, considered by many there as the most important energy law since 1946, would oblige state-owned EdF to sell electricity coming from nuclear-power plants to competitors.

EdF has an interest of 25 per cent plus one share in Styrian energy provider Energie Steiermark.

EdF, which had a monopoly of the electricity market until 2007, has a market share of 85 per cent in France.

Austrian Times

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