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publicado el 06 de OCTUBRE de 2009

Freshfields advises E.ON on swap of generation capacity with Electricité de France

International law firm Freshfields Bruckhaus Deringer has advised energy provider E.ON AG on an extensive swap of generation capacity with French energy provider Electricité de France (EdF) and German provider EnBW Kraftwerke AG (EnBW), in which EdF holds a stake. On completion of the swap with EdF, E.ON will receive 800 MW of nuclear power capacity in France. E.ON will also acquire the 35 percent stake of EdF and Charbonnage de France in the French energy supplier SNET and become the sole owner of SNET. In return, EnBW will receive 800 MW of German nuclear power station capacity. Furthermore, EnBW will take over the 50.4 percent stake of E.ON in the Rostock coal-fired power station and receive power under an electricity drawing right from the Buschhaus coal-fired power plant. The transaction is subject to final approval by the company supervisory bodies and the antitrust authorities. By means of the swap with EdF and EnBW, E.ON will strengthen its position in the French power generation market, the second largest in Europe, and will become the third largest energy generator in France. The swap represents a further step in implementing the commitment E.ON made to the European Commission in 2008 to sell approximately 5,000 MW of generation capacity and its ultra-high-voltage transmission system in Germany, in order to further stimulate competition within Europe’s energy market. With this latest transaction, E.ON has agreements in place to sell more than 4,400 MW of power station capacity in Germany. Such agreements have already been entered into with German EnBW, Belgian Electrabel and the Austrian Verbund. Freshfields has advised E.ON on all of these transactions. The international Freshfields team advising E.ON on this transaction included Düsseldorf partner Anselm Raddatz and associates Tobias Larisch, Sebastian Heidtkamp, Benjamin Chouka (all corporate), partner Andreas Röhling, principal associate Christian Krohs and associate René A. Pfromm (all competition, Cologne), principal associate René Döring (employment, Cologne), and in Paris, partner Antoine Vignial and associate Gabriel Flandin (both corporate), partner Jérôme Philippe (energy regulatory), and Gwen Senlanne (employment). Throughout the transaction, Freshfields worked closely with E.ON’s in-house team, which comprised Frank Fischer (Head of M&A E.ON AG), Michael Moser (M&A E.ON AG), Mario Pohlmann, Iris Vasbender, Francesca Dimitra Cambas (all Legal Affairs/Antitrust Law & Energy Law E.ON AG), Maria Lecheler, Stefan Röper (both Legal, E.ON Energie AG), Katrin Trage (Legal, E.ON Kernkraft) and Thomas Jakob (Legal, E.ON Kraftwerke).