Powergen said today it has agreed to sell its mining and power station interests in Germany and Hungary to NRG Energy for £130 million sterling.
It will sell its wholly owned Hungarian assets, Csepel I and II, and in Germany its stake in Mibrag GmbH and Saale Energie GmbH. The operating profit for these assets for the year to December 31st, 2000, was £28m.
This completes Powergen's refocusing on the US and UK energy markets and the sale of its international business. The disposal programme will achieve a £1.37 billion total debt reduction, well ahead of the original £1 billion target.
Powergen owns 33 per cent of Mibrag GmbH, an open cast lignite mining operation with associated power and steam generation plants and a coal dust and briquette production facility.
AFP