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German utility plans investments after gas stake sale

Germany’s fifth-largest utility by sales, says the sale of its stake in gas firm VNG late last year, will enable new and substantial investments from this year.

“We are currently studying options in our energy business,” said Matthias Brueckmann, CEO of EWE, adding the firm was also looking outside its core region in northwestern Germany.
The company sold its stake in VNG to larger peer EnBW in a deal worth 1.43 billion euros ($1.56bn) in October and is now looking at wind energy projects in Turkey, where it has been in the gas supply market since 2007.

The group last month also announced plans to form a joint venture with German wind turbine maker Enercon, which also has a rotor factory in Turkey.

EWE is currently putting together a restructuring plan to be presented to its supervisory board in April, but Brueckmann said a break-up similar to those being undertaken by rivals E.ON and RWE was not being considered.

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