BEWAGBurgenländische Elektrizitätswirtschafts-Aktiengesellschaft (West Berlin Electric Utility Company)
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This is the fifth housing project sold by NCC to Bewag's pension fund.
The north zone comprises the transportation grids of five vertically integrated utilities (VEAG, PreussenElektraNetz GmbH and Company KG, VEW Energie AG, HEW, and Bewag AG), while the south zone is made up of the transportation grids of the remaining vertically integrated utilities (EnBW Transportnetze AG, RWE Energie AG, and Bayernwerk Netz GmbH).
In the case of Bewag, Southern Energy not only chairs the supervisory board, but is also represented on the board of directors.
West Berlin, which generated its own electricity during its isolation, has only one power line connecting it with the rest of the German grid, meaning Bewag has restricted the amount of electricity it carries from rival suppliers.
Earlier this year, Bewag joined with Gaz de France to purchase a majority interest in Gasag from the Berlin government.
The company stated that Bewag is a German investor pension fund and it bought the apartments for a residential property development.
Bewag's subsidiary Bewag Netz GmbH will partner with Verbund's subsidiary Austrian Power Grid (APG) and the Vienna University of Technology (TU Wien) in the expansion project.
The increase in turnover was due to increased revenues from electricity sales in the Nordic countries, and the inclusion of the Polish company GZE and Germany's Bewag into the books.
While overseas, he also served as board chairman of two Mirant affiliates -- Bewag, an integrated utility serving Berlin, and WPD, a United Kingdom electric distribution company.
At the beginning of the month, the European Commission authorised Vattenfall to take control of the Berlin-based distributor Bewag to create a new energy pole including the Hamburg-based HEW group, as well as Veag and Laubag.
Lars Josefsson, Chairman of Sweden's leading energy group Vattenfall, has expressed optimism in the creation by mid-2003 of a new German energy pole combining the four regional groups Bewag, HEW, Veag and Laubag.