E.ON Sells Italian Assets to Czech Company

Germany-based E.ON announced it will sell its coal and gas generation assets in Italy to Czech energy company Energetický a Průmyslový Holding (EPH), explaining that the transaction should close by June 2015.

“Our conventional generation activities in Italy are high performing assets with a climate-friendly and diversified generation fleet. They are a key element of energy security in Italy and I am convinced that the new owner will continue to invest into the energy system of the country” E.ON CEO Johannes Teyssen commented in a note released on Monday.  

The deal is conditional to the approval of the European Union competition authority. It should not raise any competition concerns. 

EPH is a vertically integrated energy group based in Prague, with assets in Czech Republic, Germany and Poland. It is a regional player, transporting Russian gas to Europe.