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Verbund posts record profits

Austrian power group Verbund today announced record profits of €115m - a jump of 38 per cent over 2000 and claimed it had met the challenges of the liberalizing power market.

Verbund merges hydropower interests

The shareholders' of Austrian power group Verbund today agreed to combine its hydropower interests into an enlarged Austrian Hydro Power AG (AHP).

Verbund abandons E.ON link for Austrian alliance

Austrian state-owned energy company Verbund has bowed to political pressure and abandoned a planned joint hydropower venture with German energy giant E.ON - instead working with an alliance of five Austrian utilities.

Austria’s Verbund posts disappointing results

Austrian hydropower producer Verbund has posted full-year earnings below analysts' estimates due to low power prices and reduced water supply at its hydropower plants.

E.ON and Verbund merge European Hydro interests

Austrian electricity generator Verbund and German power group E.ON-Energie, yesterday agreed to form a joint hydropower corporation to be based in Austria under joint ownership. The companies are the largest producers of electricity from hydropower in Austria and Germany respectively and believe the new venture will enable them to optimize the use of environmentally friendly hydropower for electricity production.

S&P lowers Austria’s Verbund credit ratings

Standard & Poor's Ratings Services said Friday it lowered its long-term corporate credit ratings on Austria-based electricity generation utility Verbundgesellschaft (Verbund) to single-'A' from single-'A'-plus.

Verbund and Salzburg extend cooperation with MyElectric partnership

At a joint press conference on Thursday, dominant Austrian power producer Verbund and regional utility Salzburg AG, announced further cooperation agreements headed up by the sale by Salzburg of a 50 per cent interest in distributor MyElectric Stromvertrieb to a Verbund subsidiary.

Positive results for Verbund but more job cuts on the way

Verbund has raised its outlook for the year based on cost savings and favourable developments in the electricity business but said it planned to cut costs further and scale back dividend payments.

Verbund plays down rift in E.ON hydro venture

Austrian electricity generator Verbund has issued statements in the last few days in an attempt to quell speculation that its proposed hydropower joint venture with German power group E.ON will be scrapped. Verbund insists that discussions are continuing and that it has not fallen out with E.ON Energie, the power division of E.ON, which will have a 37 per cent stake in the new company, European HydroPower GmbH (EHP).