Best solution or Dirty Deal ?: Czechs buy Lusatian coal mining area – n-tv.de NEWS

 Economy
 

 Monday, 18 April 2016

 
 
 

 
 After a long and difficult poker rule on the Lausitz lignite has fallen. The new owner is not unknown in Germany. The reactions to the deal are extremely different.
 

 
 

The Lusatian lignite mining area changes hands: The Swedish state company Vattenfall delivers the opencast mines and power plants to the Czech EPH Group and its financial partners PPF. This was announced by both sides in Stockholm and Prague. EPH takes over the second largest German brown coal-field with four coal mines and three power plants in Brandenburg and Saxony. Added to the 50-percent stake in the power plant in Saxony Lippendorf which Vattenfall operates together with EnBW, and decommissioned in December opencast Cottbus-Nord.

“We are very satisfied with the solution,” Vattenfall said boss Magnus Hall. The group thus increasing its share of climate-friendly power generation from 50 to 75 percent. The approval of the Swedish State to the sale is still pending. EPH Board January Springl said: “We are convinced that we can contribute to achieving the energy policy objectives.” However, he added, they would have to be in balance with the social and political consequences in the region. One wants to use the coal in the long term.

In addition to the equipment with a book value of 3.4 billion euros EPH assumes all obligations including the reclamation. The Czechs scored to cash of around EUR 1.7 billion. Whether EPH transfers to Vattenfall in return of money, both sides on demand did not want to disclose. The separation from the lignite-business will be reflected in the balance sheet at the end of the second quarter with converted 2.4 to 2.9 billion euros loss, said Vattenfall CFO Ingrid Bonde. “If we kept it, the negative effect would be even greater.”

background are further lower share prices for electricity. EPH was confident that recover prices. Given the nuclear phase-out by 2022. Coal power was needed in Germany. Depending on the site for 10 to 30 years coal can be conveyed into the pits after Vattenfall information. The buyers assume that they have stuck around two billion euros in the restoration after the end of coal production.

Vattenfall employed in the division around 8000 people. The Group estimates that depend on the Lusatian coal approximately 16,000 additional jobs at suppliers. The central works council head of Vattenfall Europe Mining AG, Rüdiger Siebers said, EPH commit themself to the applicable collective agreement. Redundancies were eliminated by the end of 2020th “The best solution is made,” he said. “The months of uncertainty for the lignite buddy, their families and an entire region has put an end,” said Prime Minister of Brandenburg Dietmar Woidke. He spoke of a good news for the Lausitz.

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Saxony Prime Minister Stanislaw Tillich expressed cautious: Decisive are the job security and provisions for restoration. EPH is reliant on countries transfer the mining rights. The Left in the Bundestag spoke of a “dirty deal at the expense of region and climate.” With lignite Vattenfall have earned billions and drag from the responsibility for the environmental and social consequences. The Greens have warned the buyer wants a quick profit. The Oxfam spoke of an “evil betrayal” at the Paris climate agreement.

Government of Sweden Vattenfall had 2014 more renewables obligation, whereupon the state company anschob selling. At its other activities in Germany – including district heating and wind power – holding firmly Vattenfall. In the Hamburg Vattenfall also operates three coal-fired power plants. At EPH heard in Germany the third largest producer of brown coal, the mining company Mibrag from Zeitz (Sachsen-Anhalt). The largest German brown coal area RWE operates in the Rhineland.

For the Lausitz, the Czech-Coal Group submitted a bid. The Czech state company CEZ and the Essenes Steag were interested but did not offer to. Even Greenpeace had shown interest to decommission the power plants after a purchase. Trailer of the environmental organization demanded before Vattenfall’s Germany headquarters in Berlin the coal phase-out.

  Source: n-tv.de
 

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