Eneco Splits Green Energy and Network Business Operations

  • Business & Finance

Dutch energy company Eneco Holding NV is dividing its business operations between two separate, independent companies.

As of 1 February 2017, Eneco Holding NV will be unbundled into the sustainable energy company Eneco Group, and the network company Stedin Group, each with its own supervisory board and management board.

The new appointments to the boards will become final after the company’s extraordinary general meeting of shareholders on 30 January 2017 and will become effective as of 1 February 2017.

The existing laws in the Netherlands mandate the energy companies to unbundle their energy production and power distribution businesses. Eneco warned that the mandated split will lead to job losses and the company’s inability to invest in new offshore wind projects.

Eneco holds a 50% share in the fully commissioned 129MW Eneco Luchterduinen offshore wind farm and a 100% share in the 120MW Prinses Amalia offshore wind farm in the Netherlands.

The company is also a 50:50 development partner in the proposed 900MW Navitus Bay offshore wind farm located to the West of the Isle of Wight, UK.

Eneco, Mitsubishi Corporation and Belgium’s Nethis have recently teamed up to jointly build the 370MW Norther wind farm off Belgium.

Eneco and Mitsubishi are also a part of consortium which won the tender to construct the 700MW Borssele III and IV offshore wind farms in the Dutch part of the North Sea.

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