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Morgan Stanley to advise Verbund on French plants-source
December 19, 2013 / 10:16 AM / 4 years ago

Morgan Stanley to advise Verbund on French plants-source

VIENNA, Dec 19 (Reuters) - Austrian energy group Verbund has hired Morgan Stanley to advise on the potential sale of two gas-fired power plants in France, a source familiar with the matter said on Thursday.

The source was confirming a report by Austrian newspaper Wirtschaftsblatt.

A company spokeswoman reiterated only that Verbund was considering all options for its gas plants. “We are holding talks in all directions ... including sales talks,” she said.

Morgan Stanley declined to comment.

The company had said last week it needed more time to decide the future of its struggling gas-fired power plants, which it had hoped to resolve by the end of the year.

Verbund is battling a difficult environment for gas power plants in Europe, where demand is low due to a weak economic climate, while competing renewable energy sources are being heavily subsidised in neighbouring Germany, the continent’s biggest economy. (Reporting by Georgina Prodhan in Vienna and Arno Schuetze in Frankfurt; Writing by Michael Shields. Editing by Jane Merriman)

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