POWEO : Verbund's subsidiary, POWEO Pont-sur-Sambre Production, placed under a safeguard procedure

POWEO SA has been informed by POWEO Pont-sur-Sambre Production (PPSSP) of its unilateral decision to be placed under a safeguard procedure which has been officialised on March the 12th 2012 by the Valenciennes Court. As a reminder, PPSSP operates a 412 MW CCGT (combined-cycle gas turbine) plant in Pont-sur-Sambre (Nord).

POWEO SA would like to remind that all its production assets, including the Pont-sur-Sambre CCGT were sold to the Austrian energy operator Verbund in February 2011 (cf. press release dated February 22nd 2011). Since then, Verbund controls 100% of PPSSP capital share and POWEO SA has no operational control on this entity anymore.

POWEO SA having neither capitalistic nor operational link with PPSSP, PPSSP's difficulties or its management's decision have no operational impact on POWEO SA's activities or on its ability to fulfil its financial and contractual commitments towards its suppliers or clients.  

POWEO SA assesses its maximum potential risk to € 5 million linked to a receivable. This is a post annual closing event that will be mentioned in 2011 financial statements that will be communicated on March 23^rd.

POWEO SA still holds a buyback option of 60% of PPSSP until June 30th 2013. Because of this buyback option that also includes the 413 MW Toul CCGT under construction and the 840 MW Blaringhem CCGT project, POWEO consolidates in its accounts this company by global integration. PPSSP represents 21.7% of consolidated turnover for 2011 and 33% of assets in the consolidated balance sheet (€ 315 million).