E.ON Sverige

E.ON Sverige AB, formerly known as Sydkraft, is Sweden's second largest utility with an annual turnover of 31 billion Swedish Krona (SEK) (approximately €3.3 billion euro, US$5.1 billion USD). The net profit for the 2005 fiscal year amounted to SEK 5.2 billion. The company is a complete energy group providing products and services in energy, the environment, recycling, waste, and communications.

History

The company's history started in 1906, when Sydsvenska Kraftaktiebolaget was formed with August Schmitz as CEO. Originally the company was producer of hydroelectricity. In 1915, in cooperation with the Swedish and Danish electricity grids, Sydsvenska Kraftaktiebolaget participated in the construction of Öresundskabeln, the first electricity interconnection between Sweden and Denmark.

In 1970s, the company moved into production of nuclear power. In 1971, the Oskarshamn Nuclear Power Plant was commissioned, with Sydsvenska Kraftaktiebolaget as major shareholder. In 1977, the company changed its changed name to Sydkraft.

The majority shareholding in Sydkraft AB was acquired in 2001 by E.ON AG in a deal estimated at $6.5 billion. In 2004, Sydkraft bought the Swedish energy company Graninge. On 16 September 2005, Sydkraft changed its corporate name to E.ON Sverige.cite news
url=http://www.taustavoimaa.fi/ajankohtaista/Liitteet/Sydkraft%20namnbyte%20eng.pdf
title=Sydkraft becomes E.ON Sverige
publisher=Kainuun Energia
date=2005-09-15
format=PDF
accessdate=2008-07-31] In 2006, E.ON Sverige sold its broadband network to Tele2.

On 24 July 2008, Statkraft AS and E.ON AG signed a final agreement on asset swap, according to which E.ON acquired Statkraft's 44.6% of shares in E.ON Sverige by exchange of assets worth of €4.5 billion.cite news
url=http://www.statkraft.com/pro/press/Press_releases/2008/statkraft_and_e.on_have_signed_eur_4.5_billion_swap_agreement.asp
title=Statkraft and E.ON have signed € 4.5 billion swap agreement
publisher=Statkraft
date=2008-07-24
accessdate=2008-07-31]

Operations

The group's primary activities include electricity sales, distribution, and production, natural gas, LPG, heat, cooling, energy trading and communications solutions. Non-core activities include computer, electricity installation, surveying, telecommunications and industry consulting services.

ubsidiaries

E.ON Sverige has 60 operating subsidiaries. The company is party to the Baltic Gas Interconnector. In Finland, it owns a subsidiary Kainuun Energia Oy. It also owner of 34% of shares in Fennovoima Oy, a company planning to built sixth nuclear reactor in Finland.

ee also

*Vattenfall
*Anders Björgerd
*E.ON

References

External links

* [http://www.eon.se/ E.ON Sverige AB] - Official site