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Alpiq intends to sell its gas-fired combined cycle power station in Budapest

Lausanne – Within the framework of the portfolio streamlining of non-strategic assets, Alpiq intends to sell the Csepel gas-fired combined cycle power station in Budapest with an output of 403 MW. Alpiq will use the divestment proceeds to further reduce its net debt.

In the course of the Group’s transformation Alpiq has decided to evaluate the sale of the Csepel power plant in Budapest. In this respect Alpiq has agreed on the terms of a share purchase agreement with Hungary’s state-owned energy company MVM. The signing of the share purchase contract and the subsequent completion of the transaction depend on various decisions and regulatory approvals. It is Alpiq’s aim to complete the sale by the end of 2016.

The possible sale is taking place within the framework of the assessment of divestment opportunities with regard to non-strategic interests. Alpiq will use the proceeds from the divestment to further decrease its net debt.

The Csepel gas-fired combined cycle power plant has an electrical output of 403 MW and has been fully owned by Alpiq Group since 2002. The power station was constructed in 2000 and in addition to electrical power also generates heat for district heating and industrial processes.

Alpiq is continuing to consistently drive forward the Group’s transformation. In this context, the top priority is to ensure capital market viability. With the opening of up to 49 per cent of the hydropower portfolio to new investors, Alpiq is reducing its dependency on wholesale prices and decreasing its net debt. In addition, opportunities to divest other non-strategic interests will be assessed and implemented. The cost reduction programme and revenue improvement measures that have already been initiated will be continued rigorously. Energy trading and energy services offer growth potential and will continue to be developed in line with financial resources.