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Mergers and Acquisitions in the European Electricity Sector Cases and Patterns

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Mergers and Acquisitions in the European Electricity Sector Cases and Patterns FRO301 528 Ge.stion INES Doc. Envc,;9.I4e2ooA CERNA, Centre d'bconomie industrielle Ecole Nationale Sup~rieure des Mines de Paris 60, bid St Michel - 75272 Paris cedex 06 Tel.: (33) 01 40 51 90 91 -90 71 -Fax: (33) 01 44 07 10 46 leveque~cerna.ensmp.fr - http://www.cerna.ensmp.fr Mergers and Acquisitions in the European Electricity Sector Cases and Patterns Marc-Kbvin Codognet, Jean-Michel Glachant, Frangois Levque et Marie-Anne Plagnet The report surveys 96 M&As in the EU from January 1998 to August 2002. Cases are described in Part I and patterns in Part 11.The report was prepared for the second edition of the international symposium on the M&As inthe EU electricity sector (Ecole des Mines de Paris, September, 23, 2002). August 2002 M&As inthe European Electricity Sector - Cases and Patterns Table of Contents Part I - M&A Cases_____________________3 E.ON 6 Powergen _____________________________________20 RWE 22 National Power ____________________________________31 Innogy ____________________________________34 Electricit~ de France (EDF) _________________________________ 37 Edison _______________________________________45 EnBW 49 Electricidade de Portugal (EdP) __________________________54 Suez 57 Endesa_______________________________________63 Enel 69 Vattenfall _____________________________________71 Bewag ____________________________________80 Hafslund ASA__________________________________82 FORTUM 85 STATKRAFT 91 British Energy_____________________________________ 97 Scottish and Southern Energy____________________________99 National Grid Transco _______________________________102 Centrica______________________________________105 Sydvest Energi ________________________________107 Essent __________________________________________108 Nuon 111 Part 11- Patterns _____________________________114 Annex - Indicative list of small and unlisted in Part M&As in the European Electricity sector 132 Cerna 2 M&As in the European Electricity Sector - Cases and Patterns Part - M&A Cases E.ON 6 VEBA/VIAG (1999-2000) __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _7 Veba (Preussen Elektra)/EZIH (2000) 8 Contigas (E.ON)/Stadtwerke Heide (2000) ______________________ 9 Thilga Aktiengesellschaft (E.ON)/ Stadtwerke Ansbach (2000) _______________ 9 E.ON Bayem (2001) 9 E.ON/Hein Gas (2001) __ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ 10 E.ON/Sydkraft (2001) 11 SydkraftlN6rrk~ping Milj6 & Energi (NME) (1999) 12 SydkraftlOstfold Energi Nett AS & Ostfold Energi Kraftalg AS (2000) 12 E.ON/Verbund/Energie Allianz (2001-2002) 13 E.ON/Powergen (2001-2002) __________________________ 14 E.ON/Fortum Energie (2002) _____________________________15 E.ON/Espoon Sahko (2002) ____________________________16 VerbundlEstag/Steweag (2001) ____________________________17 E.ON/Rurhgas (2002) 18 Powergen 20 Powergen/East Midlands Electricity (1998) 21 RWE 22 RWE/Stadtwerke Essen (1999) ____________________________23 Energie Sachsen Brandenburg/Stadtwerke Chemnitz (1999) 23 RWE/VEW (2000) ______________________________ 24 RWE/Tapada Power plant (2000) 25 RWE/Thyssengas (2000) _____________________________25 RWE/Kelag (2001) ______________________________ 26 Trienekens NiederrheinlStadtwerke ViersenlStadt Viersen (2001) ____________ 26 RWE/Harpen RAG/STEAG (2001) 27 RWE/VSE (2001) _____________________________ 28 RWE/Innogy (2002) _______________________________ 28 RWE/Obragas (2002) _____________________________ 29 RWE/Elettra (2002) _______________________________ 30 N ational Pow er __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 31 National Power/Midlands Electricity's retail supply business (1998-1999) __________32 National Power! Calortex (1999) __________________________33 Innogy 34 Innogy/Yorkshire Power Group (2001) _______________________35 Innogy/Northern Electric - CE! Yorkshire's electricity distribution system (2001) _____ 36 Electricit de France (EDF) ____________________________37 EDF/Graninge (1998) _____________________________ 38 Graninge/Kainuun Sahko (2001) __________________________38 EDF/ESTAG (1998) ___________________________39 EDF/London Electricity (1998) __________________________40 EDF7/SWEB supply business (1999) 41 EDF/Louis Dreyfus( 1999) ___________________________ 41 London Electricity/Sutton Bridge Power (2000) _____________________42 London Electricity/Cottam power station (2000) 42 Cerna 3 M&As inthe European Electricity Sector - Cases and Patterns EDF-London Electricity! West Burton Power station & Eastern & 24seven (2001) 43 London Electricity-EDF/Seeboard (2002) ______________________ 44 Edison 45 Montedison/FaIck and Sondel (2000) 46 Italenergia/Montedison and Edison (200 1-2002) _____________________47 Edipower! Eurogen (2002) ______________________________48 En BW 49 ED3F/EnBW (2000/2001) _____________________________50 EnBW/Stadt Schramberg (2001) __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _50 EnBW Ostwilrtemberg DonauRies AG/Stadtwerke SchwAbisch Gmtind (2000-200 1) 51 Neckarwerke Stuttgart (EnBW)/Stadtwerke Reutlingen (2001) _______________51 EnBW / ZEAG(2002) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __52 Enbw-Eni/GVS (2002) ______________________________53 Electricidade de Portugal (EdP)__________________________54 EnBW-Villar Mir/Hidrocantabrico - EdP-Cajastur/Hidrocantabrico (2001-2002) _______55 Suez 57 Suez/Tractebel-Electrabel (1999-2002) __________________________58 Electrabel/CNR (2000-2002) _____________________________59 Electrabel/EPON (March 2000) ____________________________60 Electrabel/Spark Energy (2001) ____________________________ 61 Electrabel/Tractebel's European electricity assets (2001) _________________ 62 Endesa 63 Endesa/NRE-GRE (2000-2002) __________________________64 Endesa/REMU (2000-2002) ____________________________ 65 Endesa/SNET (2000) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 66 Endesa/Elettrogen (2001) __________________________ 67 EndesalIberdrola (2000-2001) ___________________________68 Enel 69 Enel/Viesgo (2001) 70 Vaffenfall 71 Vattenfall/Str6m a/s (1999) ____________________________72 Vattenfall/Revon SAUh6 & Heinola Energia (1999-2000) ________________ 72 Vattenfall! Oslo Energi(1 999-200 1) __________________________73 Vattenfall! Uppsala Energi (2000) ___________________________74 Vattenfall! Keski-Suomnen Valo Oy & Hiimeenlinnan Energia (2000) ____________75 Vattenfall/HEW (1999-2002) ____________________________76 HEW/LAUBAG, VEAG (2000) 77 HEW/BEWAG (2000-2002)- 78 Vattenfall Europe/Bewag/HEW/LAUBAG/VEAG (2002) ________________79 Bewag 80 Bewag-Gaz de France! Gasag_________________________81 Hafslund ASA ________________________________82 Hafslund ASA! Oslo Energi (2001) _________________________ 83 Hafslund AS! Viken Energinett (2002) _________________________84 FORTUM 85 NESTE/IVO (1998) _______________________________86 FortumIElektrizitdtswerk Wesertal (EW) (1999-2000) ________________ 87 Fortumi/Stora Enso power assets (2000) _________________________88 Gullspang Kraft/ Stockholm Energi (1998) 89 Fortum/Birka Energi (2001) ___________________________ 90 STATKRAFT __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 91 StatkraftlSydkraft (1999-2000) -92 Statkraft/Skiensfjordens kcommunale kraftselskap AS (SKCK)& Statkraft/Vestfold Kraft AS (VK) (2000) _____________________________________ 93 BIK!SKKC & Vestfold Kraft (2001) 93 Kristiansand Energiverk & Aust-Agder Kraftverk & Vest-Agder (2000) ___________94 Statkraft! Agder Energi (200 1-2002) _______________________ 95 Statkeraft/ Trondheim Energiverk(200 1)_________________________96 Cerna 4 M&As in the European Electricity Sector - Cases and Patterns B ritish Energy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 97 British Energy/Swalec (1999-2000) _________________________98 Scottish and Southern Energy_________________________99 Scottish Hydro-electric/Southern Electric (1998) 100 Scottish and Southern Energy! SWALEC (2000) 101 National Grid Transco __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _102 National Grid Group / Lattice Group(2002)______________________103 Centrica 105 British Gas Trading! Enron Direct (2002) ______________________106 Sydvest Energi ___________________________107 Essent 108 Pnem Mega! Edon (1999) 109 EssentlStadtwerke Bremen(2000)___________________________110 Nuon ill Nuon/ENW/Garnog/EWR (1999) 112 Nuon! Regev (1999) _________________________ 113 Cerna 5 M&As inthe European Electricity Sector - Cases and Patterns E.ON Country Germany Businesses Energy (electricity and natural gas), oil (Veba Oel), telecommunication (Connect Austria ONE, Bouygues Telecom) and real estate (Viterra). Electricity: Capacity: 29.4 MW, Distribution: 220 TWh Position in the 2 nd largest power company after RWE with a market share of around 25% in domestic electricity terms of power generation. market Features Turnover: Eur 92.3 billion (E.ON energy's tumnover: Eur 13.0 billion) E.ON is a vertically integrated power company: Generation, Transmission, and Supply. E.ON Activities outside Germany: UK (Powergen), Sweden (Sydkraft), Denmark, Norway, Italy (Thilga & Contigas), electricity and gas distribution, Benelux (acquisition in 2000 of the Dutch generating company, EZH), Hungary (E.ON Hungaria), also in Poland, the Czech Republic, Lithuania... Additional remarks According to its strategy of focusing on its core energy business,E.ON have started its divestment program of its non-energy assets. For instance, EON sold its Stinnes shareholding to Deutsche Bahn AG (distribution/logistics), its Orange shareholding to France Telecom
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