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Restructuring in the energy industry

The Swiss Federal Railways (SBB) has sold its 5 percent stakes in the Gösgen and Leibstadt nuclear power stations to Aare-Tessin AG für Elektrizität (Atel) as part of its corporate strategy to cut back on its own energy production capacity.

SBB holds 5 percent stakes in the nuclear power stations at Gösgen and Leibstadt respectively. The disposal of both stakes is in line with SBB strategy of concentrating on its core competence in generating electricity for electric traction. The SBB issued an international tender for these stakes, which represent electricity production of 800 GWh per annum.

Atel is acquiring both 5 per cent stakes in the first quarter of 2001. As general manager of the Gösgen nuclear power station, the Olten-based energy company has long experience of operating and managing nuclear power facilities. The acquisition is in line with Atel's strategy of further strengthening its electricity trading position. In the year now drawing to a close, Atel has increased the capacity of its own hydro-energy plants by nearly 20 per cent as a result of rebuilding the run-of-river power station at Ruppoldingen and replacing machinery at the Gösgen hydroelectric plant. The acquisition agreement with SBB is subject to internal ratification by the two power station operating companies. The acquisition is being transacted for an undisclosed sum.

Aare-Tessin Ltd. for Electricity, Atel Swiss Federal Railways SBB