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E.ON Ruhrgas Repositions Gas Storage Business

Posted on: Tuesday, 2 September 2008, 09:00 CDT

E.ON Ruhrgas, a natural gas supplier, has announced that it is repositioning its gas storage business in a separate subsidiary. Essen-based E.ON Gas Storage will in future unite the E.ON Group's storage activities throughout Europe.

E.ON Gas Storage will centrally manage storage facilities and associated working gas capacities in Germany initially totaling 5.44 billion cubic meters. With a workforce of 50 at present, sales amounting to approximately E670 million are anticipated in 2008.

In addition, E.ON Gas Storage is managing E.ON's transport and storage activities for carbon capture and storage. This means that CO2 produced during coal-fired power generation is stored underground and permanently sealed in.

Hans-Peter Floren, managing director of E.ON Gas Storage, said: "By setting up a separate gas storage company E.ON Ruhrgas is providing further impetus for the development of the European gas market. We are creating the basis for expanding our storage activities Europe-wide. At the same time this clearly lays the tracks for more competition because marketing and access to our storage facilities are transparent and non-discriminatory."

Source: Datamonitor

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