Hamburg Backs EU2 Billion Buyback of Power Grids in Plebiscite
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Hamburg, Germany’s second-biggest city, is preparing to spend 2 billion euros ($2.7 billion) to buy back energy grids it sold to utilities Vattenfall Europe AG and EON SE more than 20 years ago after its citizens backed the repurchase by a narrow majority yesterday.
The buyback was supported by 51 percent of voters in a referendum held on the same day as federal elections that saw Angela Merkel’s Christian Democrats win their highest score since Helmut Kohl’s victory of 1990 and Merkel a third term as chancellor.