Hamburg excludes Vattenfall from municipal central heating

Despite Vattenfall's attempt to avoid a sale by arguing that the price was too high, the utility is not being allowed to retain its central heating business in Hamburg.

Photo: BUND-Landesverband Hamburg

Swedish utility Vattenfall will as of the new year no longer play a role in Hamburg's central heating system. The municipal government of Hamburg, which also has the status of a German federal state, has decided to activate a clause allowing Hamburg to buy the Swedish utility out of Vattenfall Wärme Hamburg. In return, the Hanseatic city will pay EUR 950 million for the company, even though an independent assessment from the spring of this year estimates the value to be lower – at EUR 645.1 million.

That is EUR 304.9 million over the assessed value.

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