The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.





Market News


Advertisement





Vattenfall Hamburg, Germany forced to sell after unfavourable referandum

Tuesday, 24 September 2013
A referendum conducted in the German region of Hamburg means that Swedish energy giant, Vattenfall would loose its right to sell energy there, and this forced to sell it to the local authority there.

Added to the German elections last weekend, it s being reported in Swedish media sources that another setback for the Swedish energy giant, Vattenfall has become eminent because it will force the  company to do away with its power grid in Hamburg.
Vattenfall
Grancole
With a slim majority in the referendum in Hamburg, there is ongoing negotiating to buy back the electricity and energy sectors in the city from Vattenfall, making Vattenfall to see its German business as exhibiting more setbacks.

Simultaneously with elections to the Bundestag last Sunday, it is being seen as a referendum in the city (and state) of Hamburg. It is becoming increasingly vocal from the "yes" side who want the energy networks to again be municipal owned.

More than 440,000 residents in Hamburg, or 50.9 percent, voted in favour of municipalisation.

A number of environmental organizations had used petitions to push forward the referendum. Environmental organizations want the city of Hamburg to buys back electricity, gas and district heating networks in one of the privatized sectors sold to Vattenfall in the 1990s.

Although the governing Social Democrats (SPD) in Hamburg and Christian Democrats, (CDU) campaigned for the "no" vote in the referendum, they failed. They had considered that it'll costs too much to buy back the energy networks. But the Social Democrats are now saying that they will follow the referendum results and submit a plan for the energy networks to be bought back.
By Scancomark.com Team

 We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our    news network? Do have a news tip or assist us with a correction? 

Print Friendly and PDF