E.ON energy utility bolstering its position in Slovakia

German energy utility E.ON will become a shareholder in the eastern Slovak electric utility - Východoslovenská Energetika Holding (VSE) by buying 49 percent of shares from RWE. The state, which owns 51 percent of stocks, has relinquished the right of first refusal, for which it will receive more than €35 million. E.ON already has managerial control over Západoslovenská Energetika (ZSE) utility in western Slovakia, where it holds 49 percent of stocks as well. "Slovakia lost an epochal opportunity to regain managerial control over the energy utility monopoly for distribution of electricity in eastern Slovakia", former economy minister Peter Žiga, now an independent opposition MP, stated on Thursday. Aside from €35.2 million, E.ON has committed to investing at least one billion euros in the development of energy in Slovakia over the next five years and also to play an instrumental role in helping Slovakia reach its EU target of having renewable energy make up at least 19.2 percent of the overall energy mix by 2030.