Press release | 2011-07-27 | 10:10 AM

Vattenfall sells its Belgian operations

Vattenfall yesterday reached an agreement with the Italian energy company Eni regarding the sale of its Belgian operations for about 157 MEUR (about 1.4 SEK billion) on an enterprise value basis. The transaction comprises Nuon Belgium N.V., serving approximately 550,000 electricity and gas connections, as well as its subsidiary Nuon Wind Belgium N.V. and Nuon Power Generation Walloon N.V.

Nuon Belgium serves around 550,000 electricity and gas connection points and has approximately 150 employees.. Nuon Belgium also holds 4.5 MW renewable energy capacity through its subsidiary Nuon Wind Belgium. Nuon Power Generation Walloon comprises a CCGT (Combined Cycle Gas Turbine) power generation project in an advanced stage of development.

Vattenfall and Eni expect the transaction to be completed in 2011 after European Competition approval is obtained.

Øystein Løseth, CEO of Vattenfall, says: "I am pleased to announce that we have found a very suitable new owner for Nuon Belgium and our other Belgian assets. We can hand over the customers and employees to an experienced European utility company with strong ambitions in Belgium.”

The sale of Vattenfall’s Belgian operations is part of Vattenfall’s new strategic direction as announced in September 2010, focusing on the core business and markets in Sweden, Germany and Netherlands.

Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act.

For further information, please contact:
Stefan Müller telephone: +49 (0)30 8182 2320, e-mail: stefan.mueller@vattenfall.com

From Vattenfall's Press Office, telephone: +46 8 739 50 10, press@vattenfall.com

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