RWE strengthens its position in Luxembourg

Luxembourg government creating a national utility / RWE holds just under 20% stake

(PresseBox) ( Luxembourg, )
RWE has a share in the integrated national electricity and gas company that the Grand Duchy of Luxembourg is currently in the process of creating. RWE Energy is contributing its stake in Luxembourg electricity supplier Cegedel and will in future hold 19.8% of the shares in the new enterprise. This makes the RWE Group the largest strategic investor from the energy sector. Dr. Leonhard Birnbaum, Chief Strategy Officer of RWE AG: "We are pleased to play a part in strengthening Luxembourg's energy industry. Luxembourg is and will remain an important partner for RWE."

The Cegedel, Soteg and Saarferngas utilities will be merged into the new company. Previously RWE Energy, together with the holding company Luxempart, held a 30% stake in Cegedel through the joint venture "Luxempart Energie". Now RWE Energy will be acquiring in full Luxempart's 51% share in "Luxempart Energie" for around 186 million euros.

This stepped-up involvement in Luxembourg complements RWE's position in the Netherlands and Belgium following the agreed acquisition of Essent. At the same time, RWE tangibly strengthens its standing in Luxembourg and in the state of Saarland. The RWE Group already supplies power to Cegedel today, and is in addition participating in the pumped-storage hydroelectric plant in Vianden and providing extensive services for the Luxembourg electricity grid. In cooperation with RWE's regional company VSE, Cegedel offers a number of different energy-related services. The realignment in Luxembourg furthermore offers an opportunity to strengthen the energy and telecommunications infrastructure in the region of Saarland-Lorraine-Luxembourg.
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