15 Feb 2002 – The shareholders’ of Austrian power group Verbund today agreed to combine its hydropower interests into an enlarged Austrian Hydro Power AG (AHP).

Austria’s largest power producer has approved the change of the company’s legal form and a capital increase in the course of the transfer of the hydropower activities of Steweag and Steg to AHP today. “Putting together the hydropower of AHP, Steweag and Steg is another step towards strengthening this eco-friendly, renewable form of energy,” said Verbund.

The enlarged AHP has 85 power plants now. A producer of purely hydroelectric power, the company will increase its average annual production to approximately 21 500 GWh and further develop its position as the by far largest Austrian power producer. The company ranks among the largest producers of renewable hydropower within the EU.

Verbund hold 80.3 per cent in the now enlarged AHP with Estag holding 5.3 per cent, ten per cent held by Kelag and the rest by Wienstrom, EVN, Energie AG OO, and the provinces of Tyrol and Burgenland.

AHP’s chief executives are Dr. Herbert Schrofelbauer as Chairman – responsible for Operations and Maintenance – and Michael Amerer, who is running the commercial agenda.

With the production of AHP and the power purchases from investments in another 20 hydroelectric power plants on the rivers Inn, Enns and Danube, Verbund produces more than 24 500 GWh of renewable hydroelectric power.

“The close alliance between Verbund and provincial companies shows that solutions on a basis of mutual trust and co-operation for the benefit of the domestic economy are very well feasible in Austria,” said Hans Haider, Chairman of the Verbund Board of Management.