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Atel closes Entrade deal

On 16 December 2002, energy company Aare-Tessin Ltd. for Electricity (Atel) has closed the deal previously announced in September 2002 to acquire Prague-based Entrade, an energy trading company.

Atel has acquired the energy trading company Entrade from NRG Energy Inc. Entrade engages in Central and Eastern European electricity trading activities from its headquarters in Prague. Energy volume traded by the company totalled 8 TWh in 2001, corresponding to sales of CHF 310 million. This acquisition considerably extends Atel's energy business and the marketing structure in Central and Eastern Europe, and the Balkans.

As previously announced, Atel and NRG Energy Inc. signed the acquisition agreement for 75 per cent of Entrade on 10 September 2002. All approvals by the competition authorities in all applicable countries and the authorities in the Czech Republic have been received. The closing and subsequent transfer of ownership was effective on 16 December 2002.

Aare-Tessin Ltd. for Electricity Corporate Communications