Despite reaching a decision to sell its German lignite assets, Swedish state-owned energy company, Vattenfall, wants to continue operating in Germany’s energy market, according CEO Magnus Hall.
Hall added that there will be no changes to the decision to sell the lignite operations in Germany, despite a snap election for March called in Sweden after the Social Democrat-Green coalition’s budget was voted down last week.
"This decision will, we believe, be supported by both sides (of the political spectrum in Sweden)," Hall said.
Analysts have suggested Vattenfall’s lignite power plants and mines could fetch between €2 – 3 billion.
"It's important to emphasise that Vattenfall remains committed to all its other activities in Germany,” hall said, referring to power distribution, trade and renewable energy activities.
"Germany will remain the most important market for Vattenfall even after the sale of the lignite business," he said, adding that he hoped the sale process could move forward as quickly as possible.
Vattenfall generates about 60 TWh/yr from lignite, about 10% of Germany's total power production. The Swedish company has said it is committed to other operations in Germany, including heat production, trading and wind power.
Germany, in the midst of a shift to renewable energy from nuclear, is under pressure from a strong green lobby to cut its reliance on coal, which currently accounts for some 45% of power.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/09122014/vattenfall-will-sell-lignite-assets-but-remain-in-german-energy-market-1663/