Swedish utility Vattenfall sells its German coal plants

AP News
Posted: Sep 22, 2015 6:23 AM

STOCKHOLM (AP) — Vattenfall AB says it is selling off its German coal plants, a major source of greenhouse gases, and its mining assets as the Swedish utility seeks to adjust its energy strategy.

The company says potential buyers can bid for four power plants as well as corresponding mining activities. Buyers can also bid for 10 hydropower plants, adding that these power plants will not be sold separately.

Tuesday's move comes after Vattenfall had made large write-downs related to its operations in Germany. The Swedish government also has pressured the company to exit its coal-fired power generation in Germany.

Vattenfall stressed it "remains fully committed" to its other energy operations in Germany, including district heating, electricity distribution and wind energy.