VEAGVereinigte Energiewerke AG (Germany)
VEAGVontobel Europe Alpha Generator (finance)
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We want to maintain VEAG as an independent company and develop it to become a leading competitive power in the German electricity market," explained NRG Chairman, President and CEO, David H.
We welcome discussions with municipal utilities (Stadtwerke,) as well as other companies, regarding their possible participation in our joint concept of a future VEAG Group," explained Peterson and Kasper.
The partners also have the necessary credit standing to ensure the long-term viability of VEAG.
The combining of equipment and production know-how of NRG-the fifth largest independent power producer in the world-with EnBW's successful experience in the competitive European energy market and customer orientation could be the "driving force behind the success of the new VEAG.
The brown coal companies Laubag and MIBRAG, in which NRG has a 33 percent interest, are essential components of NRG and EnBW's VEAG concept.
Peterson and Kasper declined to give any details of the planned bid being made to the current VEAG majority owners.
During a series of administrative hearings, held in June and July, GE provided evidence that VEAG had illegally imposed local content requirements, failed to meet European Union award criteria requirements, and discriminated in the setting of technical standards.