NRG Energy exits Europe with sale of German power plant

NRG Energy Incorporated (NYSE: NRG) of the US has sold its minority ownership interest in Schkopau, a 900 MW coal fired power station, marking the power company’s exit from the European power market.

The purchaser is Energeticky a prumyslovy holding a.s. (EPH), a Czech coal mining and electricity company.

Schkopau, which is located close to Halle in Germany, is jointly owned by NRG, through its wholly owned subsidiary, Saale Energie GmbH (SER), and E.ON Kraftwerke GmbH.

SEG owns 41.9 per cent of Kraftwerk Schkopau GbR (the power plant) and 44.4 per cent of Kraftwerk Schkopau Betriebsgesellschaft mbH (the plant’s operating company).

EPH is purchaing 100 per cent of SEG for an estimated EUR141m ($173m).

“Schkopau has been a solid performer in our conventional fleet for many years now,” said David Crane, NRG president and CEO.

“However, given NRG’s focus on retail electricity, conventional generation in our core domestic markets, and fast-growing clean energy businesses, we can use the sale of non-core assets like Schkopau to invest in initiatives that leverage our core facilities and operations.”

EPH also acquired MIBRAG, an integrated coal mining and power generating business, from NRG Energy in 2009. MIBRAG’s Profen mine contractually supplies the lignite coal to Schkopau.

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