Agreement with BvS another milestone for Vattenfall Europe

Agreement with BvS another milestone for Vattenfall Europe Berlin. HEW, VEAG and LAUBAG have reached an agreement with the Federal Office for Special Unification-related Tasks (Bundesanstalt für vereinigungsbedingte Son-deraufgaben-BvS) for the early settlement of all existing claims of the Federal Republic of Germany arising from the privatisation contracts with VEAG and LAUBAG. This was announced by the parties to the agreement at a press con-ference of the Federal Chancellor in Berlin. Besides the financial settlement, the agreement provides for guarantees to strengthen the industrial position of East Germany. The future Vattenfall Europe undertakes to generate 500 training positions over and above the nationwide base until 2005. Moreover, the guarantee for the annual production of at least 50 TWh of brown coal power is extended by three years to 31 December 2011. "The agreement is a further important milestone for the Vattenfall Europe Group. We have found a mutually satisfactory solution which allows us greater entrepreneurial freedom as we build up the new enterprise. At the same time, however, we emphasise the special social responsibility borne by VEAG and LAUBAG as East German employers," said Mr Lars G. Josefsson, President and CEO of Vattenfall AB. HEW, VEAG and LAUBAG are companies of the Vattenfall Group. Together with Berliner Bewag, also a company of the Vattenfall Group since the beginning of February, they will form Germany's third largest energy enterprise as the new grouping Vattenfall Europe. From Vattenfall's Press Office, tel: +46 8 739 50 10. Further information: Vattenfall AB: Karl-Erik Olsson, phone +46 8 739 75 83, mobile +46 70 538 81 38 Vattenfall Deutschland: Martin May, phone +49 (40) 37 47 22-14, mobile +49 (172) 4291248 Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat. Today, Vattenfall generates power and supplies energy to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. The Group's net sales in 2001, excluding operations in Germany, are estimated to over EUR 4.2 billion. For more information, see www.vattenfall.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/02/19/20040817BIT21310/wkr0001.pdf