An Enovos holiday promotion stand in place Clairefontaine last December
Photo: Wikimedia user Jwh/Creative Commons (2013)
Energy: A pair of German utilities want to dispose of their shares in Luxembourg energy provider Enovos.
Two of Germany’s largest utilities are looking to sell their stakes in Luxembourg energy producer and distributor Enovos International.
RWE and E.ON are in the process of putting their shares on the market, Reuters first reported on Wednesday. The news agency did not identify any potential bidders.
Enovos was created in 2009 by the merger of three Luxembourg utilities. In addition to the Grand Duchy, the company delivers electricity and gas in Belgium, France and Germany.
RWE holds an 18% stake and E.ON a 10% share, Enovos said in its 2013 annual report.
Both German firms have been under financial pressure since Germany’s government ordered electricity providers to shut down nuclear power plants and increase the level of renewable energy.
The remaining shareholders are the Grand Duchy state (25%), Luxembourg’s state-run investment fund SNCI (10%), the City of Luxembourg (8%) and French utility GDF Suez (5%).
“Enovos does not comment on matters of its shareholders,” a spokeswoman for the Luxembourg utility told Delano on Thursday. “Enovos was informed of the intention of the shareholders RWE and E.ON to enter into a process of selling their respective interests in Enovos.”
As of this writing, representatives of RWE and E.ON had not returned Delano’s messages seeking comment.