Verbund: Trying to Get Rid of Sorgenia

Politics ♦ Published: May 8, 2014; 13:45 ♦ (Vindobona)

The Austrian utility Verbund announced not being willing to invest any further money into loss-making Italian energy group Sorgenia.

Utility provider Verbund wants to sell its stake in Italian energy Group Sorgenia. / Picture: © Verbund AG

Sorgenia, an Italian energy group which is held by 46 percent by Verbund, has run up debts in the amount of € 1.8bn by investing in gas-fired power plans which turn out a huge burden for the company.

On Wednesday, Verbund met with Italian holding company CIR, the majority owner which holds 52 percent of Sorgenia, to discuss the current issue and find a solution to the debt…