Gasunie no longer interested in Thyssengas-network

Gasunie no longer interested in Thyssengas-network

Hannover, 23 March 2010 | Press release

Regulation has made the investment climate in Germany "unpredictable"

Gasunie today indicated that it will withdraw from the co-operation with the consortium of Stadtwerke that is considering a joint bid for the Thyssengas-network, once this is put up for sale by RWE. Due to the current national regulation of gas transport tariffs in Germany, the outlook for the return on such an investment in an existing asset such as this network has now become unattractive for Gasunie. This decision has been taken by Gasunie in co-operation with the Stadtwerke consortium. In 2009, the consortium invited Gasunie to take part, with the aim of strengthening the consortium’s ability to act as an efficient net owner/operator. Gasunie would contribute its key-competence as one of Europe’s largest independent high pressure gas pipeline network operators.

Marcel Kramer, CEO of Gasunie: “We regret having to withdraw, the co-operation and discussions with the Stadtwerke were excellent. We had to conclude that the achievable returns on such a regulated network in Germany are too low, particularly when compared to levels allowed in many other EU countries. This, together with increasing uncertainty about further regulatory developments has led us to this decision.”

NOTE FOR THE EDITOR
The intent to develop the co-operation with the Stadtwerke was announced on 2 February 2009.

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