March 12, 2018 / 8:58 AM / 7 days ago

Innogy asset swap deal could boost competitiveness- German minister

BERLIN, March 12 (Reuters) - The asset swap deal by Germany’s top utilities to divide assets of renewable energy provider Innogy could make the sector more competitive, Economy Minister Brigitte Zypries said on Monday, signaling Berlin’s support for the agreement.

“It’s good if there are competitive and internationally oriented energy providers in Germany. The current plans can be a contribution to this,” Zypries told Reuters in an emailed statement.

“Concentrating on specific business areas can promote necessary investments in generation and distribution networks,” Zypries added.

Germany’s top utilities announced plans on Sunday to break up Innogy , whose assets will be divided among parent RWE and rival E.ON in the sector’s biggest overhaul since a landmark decision to exit nuclear power.

Reporting by Gernot Heller, writing by Michael Nienaber, Editing by Joseph Nasr

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