Belgium鈥檚 Elia increases ownership in German grid operator 50Hertz
Belgian transmission system operator Elia will exercise its pre-emptive right to buy a 20 percent stake in German power transmission grid operator 50Hertz for 976.5 million euros, beating the State Grid Corporation of China (SGCC), reports Reuters. The Chinese company鈥檚 interest had been watched critically by German politicians, who feared a sell-out of critical infrastructure. Elia鈥檚 purchase 鈥渋s a strong signal to bring the energy transition forward in Germany as well as in Europe,鈥� said 50Hertz Chief Executive Boris Schucht in a statement. The purchase brings Elia鈥檚 ownership in 50Hertz to 80 percent.
Ingrid Nestle, spokesperson for energy economics of the Green party鈥檚 parliamentary group, commented that the process showed that the German government lacked the legal instruments needed to prevent the takeover of critical infrastructure by foreign companies. Only talks behind the scenes had convinced Elia to buy the stake. 鈥淲ith a German grid company in place, the federal government would be able to decide about its own grid,鈥� writes Nestle in a statement.
Read the article in English , and Elia鈥檚 press release in English , and 50Hertz鈥檚 press release in English .
See the 麻豆无码版 dossier The energy transition and Germany鈥檚 power grid and the article Sino-German tandem: Export champions promote global energy transition for background.