DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
E.ON seeks to kill two birds with one stone through sale of Thüga 2
Utility giant hopes to ease antitrust pressure from EC while paying down its mounting debt pile 2
Although Thüga remains small relative to Germany's big four, it is seeking to expand its operation 2
Driven by the overriding theme of antitrust pressures, incumbents have agreed to multi-pronged asset swaps 3
European energy giants are looking to reduce their share of domestic generating capacity in exchange for a slice of each other's markets 3
EDF agrees to swap with E.ON, prompted by pressures from the French state to sell more nuclear energy to rivals 4
Following its purchase of Essent, RWE has sold KOM-STROM to Dong for €27m 4
The acquisition provides the Danish utility with a useful outlet for surplus wholesale output 4
Increased upstream production presents challenges 5
Rumors suggest Vattenfall may yet acquire a stake in British Energy from EDF 6
Swedish giant which showed initial interest in BE in 2008 may help alleviate EDF's debt challenge 6
Vattenfall would seek to exact a discount on what EDF paid for BE-perhaps more than the 6% that Centrica secured in Q1 2009-on account of currently low wholesale power prices 6
On-going problems in developing the EPR could potentially undermine the value of BE further, providing Vattenfall with another bargaining chip 6
Joint venture may pave the way for an Italian nuclear comeback 7
After a two decade long ban on nuclear power generation, EDF and Enel lay the groundwork for a revival 7
Sviluppo Nucleare Italia will help all stakeholders to meet crucial end goals while further enhancing the competitive landscape for European utilities 8
French and German wholesale electricity markets merge to form single platform 8
The creation of EPEX from EEX and Powernext will improve wholesale liquidity 8
A step in the right direction 9
The merger will not directly affect utilities' M&A strategies but could encourage independent generation 9
APPENDIX 10
Ask the analyst 10
Datamonitor consulting 10
Disclaimer 10