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Government in talks on E.ON unit acquisition, reaffirms stand on utilities

Deals

The government is continuing talks with Germany-based utilities giant E.ON on acquiring its three gas network and customer service units in Hungary, National Development Minister Zsuzsa Németh said on at a press conference on the activities of the state-owned Hungarian Electricity Works (MVM).

MVM acquired E.ON’s gas trade and storage businesses in Hungary for HUF 281 billion last year. It also bought a 49.83% stake in in regional gas distributor Főgáz from RWE for HUF 41 billion.
Németh noted that the government had mandated MVM to purchase the majority stake in Főgáz from the local council of Budapest.

Németh said the newly-reelected state government would continue its earlier energy policy, and that the conditions for a reduction in energy prices for industry were being created; she went on to reiterate the government’s plan to transform Hungary’s utility providers into non-profit entities, with a law facilitating said changes expected to be approved by Parliament by the end of 2014.

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