Vattenfall Europe cedes to EU Commission, plans to sell electric grid (AFP)

FRANKFURT (AFP) - Vattenfall Europe, a leading German energy company, said Friday it will sell off its electricity distribution network, as requested by the European Commission. "We have studied the options in the past months and came to the conclusion that a sale of our high-tension lines to a serious and financially solid investor was the best solution," head Tuomo Hattaka said in a statement. The decision came "against a background of a political debate in recent months on the separation of electricity production and the ownership of distribution networks," the fourth biggest German power group said. The European Commission has been pushing reform of the energy supply sector in Europe, seeking the separation of power generation from distribution to ensure greater competition and lower prices in the industry. Germany is... [read full story]