RWE Czech Ambitions Approved By Regulator

RWE, Europe's fourth largest utility, has said that Czech regulators approved with conditions its 4.1 billion euro ($3.7 billion) purchase of the Czech Republic's gas industry. RWE in December won the bid to buy the Czech government's 97 percent stake in the country's monopoly natural gas importer Transgas and holdings of between 46 and 58 percent in eight regional gas distributors. The regulator barred RWE from gaining other controlling stakes in companies distributing electricity and heat until the government completes the sale of its electricity assets. It also said that it is impossible for RWE to boost its holding in an oil exploration company, partly owned by the companies it is buying. By giving RWE the conditions, the regulator “created the prerequisites for effective competition when the country's energy market opens,” said Josef Bednar, the chairman of the regulator, in an e-mailed statement. Visit to &to=http://www.rwe.com' target=_blank>RWE