EnBW completes acquisition of a majority stake in Kraftwerk Laufenburg AG (KWL)

Karlsruhe. The takeover of the Swiss company Kraftwerk Laufenburg AG (KWL) by EnBW Energie Ba-den-Württemberg AG is now complete. Following approval from the European antitrust authorities on December 19, 2002 the KWL shares were transferred to EnBW on Monday (January 20, 2003). On August 1, 2002 EnBW had - through its subsidiary EnAlpin AG (Zug, Switzerland) - acquired the 76.6 percent majority interest in KWL held by Watt AG (Dietikon). The takeover of the KWL shares also provides EnBW with indirect control over Kraftübertragungswerke Rheinfelden AG (KWR), now called Energiedienst AG (ED). KWL bought up more than 95 percent of the shares in KWR in 2002.

KWL and ED operate the Upper Rhine run-of-river power stations at Laufenburg, Rheinfelden and Grenzach-Wyhlen as well as other hydroelectric power stations. ED will serve over 200,000 power customers of KWL/ED via its own networks in the southern region of Baden-Württemberg. In 2001, KWL/ED sold around 6.3 billion kilowatt hours of electricity. Consolidated net sales of KWL totalled Euro 139 million in 2001, while ED posted consolidated net sales of Euro 130 million - accompanied by 2001 earnings of Euro 30 million (KWL) and Euro 27 million (ED).

Through this acquisition of a majority holding in KWL, EnBW intends to optimise its supply operations in southern Baden and plans to pool its cross-border generating capacity in the Upper Rhine region.