EON Plans to Raise $7.2 Billion Selling Gas Grid, Waste Units

EON AG, Germany’s largest utility, plans to raise 5.5 billion euros ($7.2 billion) selling gas grid and waste-to-energy units as well a regional business in the northwest of the country.

EON said today it has raised 9.5 billion euros out of a planned 15 billion-euro divestment program. It said further sale candidates are the Open Grid Europe gas pipeline unit, EON Waste-to-Energy and EON Westfalen Weser. It expects to complete the disposals by the end of 2013, according to a presentation published today.