Sydkraft
Encyclopedia
E.ON Sverige AB
, formerly known as Sydkraft, is Sweden
's second largest utility
company with an annual turnover of 42.9 billion Swedish Krona
(SEK) (approximately €4.8 billion euro
, US$7 billion USD). The net profit for the 2008 fiscal year amounted to SEK 14.88 billion (US$ 2.11 billion). The company is a complete energy group providing products and services in energy, the environment, recycling
, waste, and communications.
In 1970s, the company moved into production of nuclear power. In 1971, the Oskarshamn Nuclear Power Plant
was commissioned, with Sydsvenska Kraftaktiebolaget as major shareholder. In 1977, the company changed its changed name to Sydkraft.
The majority shareholding in Sydkraft AB was acquired in 2001 by E.ON
AG in a deal estimated at $6.5 billion. In 2004, Sydkraft bought the Swedish energy company Graninge. On 16 September 2005, Sydkraft changed its corporate name to E.ON Sverige. In 2006, E.ON Sverige sold its broadband network to Tele2
.
On 24 July 2008, Statkraft AS and E.ON AG signed a final agreement on asset swap, according to which E.ON acquired Statkraft's 44.6% of shares in E.ON Sverige by exchange of assets worth of €4.5 billion.
, LPG, heat & cooling.
. In Finland, it owns a subsidiary Kainuun Energia Oy. It also owner of 34% of shares in Fennovoima Oy, a company planning to build a sixth nuclear reactor in Finland.
Aktiebolag
Aktiebolag is the Swedish term for "limited company" or "corporation". When used in company names, it is abbreviated "AB" or "Ab"...
, formerly known as Sydkraft, is Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
's second largest utility
Electric company
Electric company can mean:*Electrical power industry*Electric Company *The Electric Company *The Electric Company...
company with an annual turnover of 42.9 billion Swedish Krona
Swedish krona
The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value...
(SEK) (approximately €4.8 billion euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, US$7 billion USD). The net profit for the 2008 fiscal year amounted to SEK 14.88 billion (US$ 2.11 billion). The company is a complete energy group providing products and services in energy, the environment, recycling
Recycling
Recycling is processing used materials into new products to prevent waste of potentially useful materials, reduce the consumption of fresh raw materials, reduce energy usage, reduce air pollution and water pollution by reducing the need for "conventional" waste disposal, and lower greenhouse...
, waste, and communications.
History
The company was founded in 1906 as Sydsvenska Kraftaktiebolaget with August Schmitz as CEO. Originally the company was producer of hydroelectricity. In 1915, in cooperation with the Swedish and Danish electricity grids, Sydsvenska Kraftaktiebolaget participated in the construction of Öresundskabeln, the first electricity interconnection between Sweden and Denmark.In 1970s, the company moved into production of nuclear power. In 1971, the Oskarshamn Nuclear Power Plant
Oskarshamn Nuclear Power Plant
The Nuclear power station Oskarshamn is one of three active nuclear power stations in Sweden. The plant is about 30 kilometers north of Oskarshamn directly at the Kalmarsund at the Baltic Sea coast and with three reactors producing about 10% of the electricity needs of Sweden...
was commissioned, with Sydsvenska Kraftaktiebolaget as major shareholder. In 1977, the company changed its changed name to Sydkraft.
The majority shareholding in Sydkraft AB was acquired in 2001 by E.ON
E.ON
E.ON AG, marketed with an interpunct as E•ON, is the holding company of the world's largest investor-owned energy service provider based in Düsseldorf, Germany. The name comes from the Greek word aeon which means eternity....
AG in a deal estimated at $6.5 billion. In 2004, Sydkraft bought the Swedish energy company Graninge. On 16 September 2005, Sydkraft changed its corporate name to E.ON Sverige. In 2006, E.ON Sverige sold its broadband network to Tele2
Tele2
Tele2 AB is a major European telecommunications operator, with about 34 million customers in 11 countries. It serves as a fixed-line telephone operator, cable television provider, mobile phone operator and Internet service provider.- Overview :...
.
On 24 July 2008, Statkraft AS and E.ON AG signed a final agreement on asset swap, according to which E.ON acquired Statkraft's 44.6% of shares in E.ON Sverige by exchange of assets worth of €4.5 billion.
Operations
The group's primary activities include electricity sales, distribution, and production, natural gasNatural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
, LPG, heat & cooling.
Subsidiaries
E.ON Sverige has 60 operating subsidiaries. The company is party to the Baltic Gas InterconnectorBaltic Gas Interconnector
The Baltic Gas Interconnector was a project of the natural gas submarine pipeline between Germany, Denmark and Sweden. The pipeline would connect the existing pipeline networks of southern Scandinavian and Continental European countries in order to secure uninterrupted supply of natural...
. In Finland, it owns a subsidiary Kainuun Energia Oy. It also owner of 34% of shares in Fennovoima Oy, a company planning to build a sixth nuclear reactor in Finland.