1920 articles in Europe
THE US TRADE AND DEVELOPMENT AGENCY (US TDA) has allocated $345,000 to finance a technical feasibility study for an EBRD financed investment programme in Yaroslavl, Russia.
The European Bank for Reconstruction and Development (EBRD) co-financed nine water and waste transactions in2000 worth a total of €211 million. As well as concession financing, the bank arranged a number of municipal loans without recourse to sovereign guarantees.
VIVENDI ENVIRONNEMENT (VE) has won the concession to manage the city of Prague’s water supply and sewerage systems in a consortium with AWG. The Czech government will receive €174 million for a 66% stake in the Prague water utility, Prazské vodovody a kanalizace (PVK).
UK water regulator Ofwat finally ruled on Glas Cymru’s proposal for Welsh Water (Dwr Cymru) at the end of January. Director general Philip Fletcher announced his decision not to block the proposed sale of the Hyder subsidiary to Glas Cymru, a not-for-profit consortium of Welsh businesses and community groups which has sought to retain local control over the debt-laden water company.
The UK water industry’s regulatory formula has come in for some tough criticism since the 1999 price review. Analysts, the media and water executives themselves have claimed that the sector is now squeezed so hard that it is difficult to see why the markets should want to continue funding it with equity. As a consequence, the debt markets are seen as the natural financiers of UK water plc.
UTILITY COMPANIES Riedwerke of Gross-Gerau, Südhesssische Gas und Wasser of Darmstadt and Mainova of Frankfurt have joined forces to create a new company, Hessen Wasser as a first step towards the partial merger of the three partners.
VIVENDI ENVIRONNEMENT (VE) has reported a 25.7% increase in year 2000 sales to €26.4 billion – considerably higher than analysts’ forecasts.
EON HAS STRENGTHENED its presence in the German water market by acquiring a further 28.08% of Gelsenwasser shares from RWE
UK water shares ended December 2000 lower, underperforming the broader FTSE market index and reflecting investors’ caution.
THE PROJECT TO BUILD an aqueduct to carry 350-400Mm3/year of water from the Rhone to Barcelona’s 4.5 million population is taking shape.