At the same time, Elia is also acquiring a 20% stake in the capital of the APX Group, of which TenneT is the primary shareholder. With this move, Elia and TenneT are taking yet another step towards establishing a single electricity market for North-West Europe.
Elia said that the transaction represents a step towards integrating the energy exchanges on the North-West European market and consolidates the work that Belpex has been doing, in a wider European context, since 2006.
On TenneT’s invitation, Elia will acquire a 20% stake in electricity and gas exchange APX-Endex by subscribing to a capital increase outside preferential rights. This stake will also give Elia a say in APX-Endex’s management bodies and allow it with the option of increasing its stake to 25%.
TenneT will then own 56.1% of APX-Endex shares, while Nederlandse Gasunie and Fluxys keep their 20.9% and 3% respectively.
Belpex will be assigned its own specific areas of activity within the new organization. These will relate to the Belgian-Dutch market and the green certificate market.
APX-Endex and Belpex have expanded their activities in recent years, anticipating the establishment of a single energy market for North-West Europe. One activity that on which transmission system operators are cooperating closely is the creation of market coupling mechanisms between European countries.
According to Elia and TenneT, this latest transaction fits in with their strategic aims and other key tasks of theirs, many of which are centered on promoting a transparent and flexible energy market in North-West Europe. This operation is subject to regulatory approval.
Mel Kroon, CEO of TenneT, said: ”This move follows on from TenneT’s takeover of the German transmission system, operated by transpower, and is another clear step towards further unification of the market.
”This latest takeover also highlights the close cooperation between Elia and TenneT, which are both aiming to make the Dutch, Belgian and European energy markets even stronger.”
