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EnBW says it is pressing ahead with planned sale of TransnetBW

Stock Markets Aug 13, 2022 12:30
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© Reuters. FILE PHOTO: Flags of German power supplier EnBW Energie Baden-Wuertemberg AG are pictured at the company's headquarters in Karlsruhe, March 17, 2015. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - German's EnBW said on Saturday it is pressing ahead with the planned sale of high-voltage power transmission network TransnetBW, as a media report said a Stuttgart insurance company representing Baden Wuerttemberg state savings banks was among bidders.

"Preparations for the approach to the market are making good progress and we will hold the first concrete conversations in coming weeks," a spokesperson for the southwestern power utility said.

EnBW said in February it was looking into the sale of a 49.9% stake in TransnetBW to a long-term investment partner, with view to taking a decision on whether to go ahead with the move in 2022.

The spokesperson would not comment on whether Stuttgarter SV Sparkassenversicherung, which the Boersenzeitung paper had named in the context, is among the bidders.

Stuttgarter SV, which has long had holdings in other power grids, was not immediately available for comment.

Reuters reported exclusively in June that German state-owned bank KfW [KFW.ul] was considering taking a stake in TransnetBW, citing sources familiar with the matter.

The 3,100 km (1,940 mile) grid, one of four high-voltage networks in Germany, could be valued at more than 2 billion euros ($2.05 billion) as part of a potential deal, they said.

The Berlin government is keen to keep a certain degree of control over key energy infrastructure, a strategy that has become even more important with power supplies facing disruption due to the war in Ukraine.

De facto state-owned EnBW mainly supplies power and gas to Baden-Wuerttemberg, home to blue chip companies including automakers Mercedes-Benz and Porsche AG.

Sparkassen savings banks are established by law with a mandate of public service and regional development.

($1 = 0.9748 euros)

EnBW says it is pressing ahead with planned sale of TransnetBW
 

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