2Trianel GmbH I Annual report 20093Management ReportAnnual Financial STatementsBusiness andgeneral conditionsSummary Management Reportof Trianel GmbH1. Business and general conditionsContents1.1 Corporate structure and business operations1. Business and general conditions31.1 Corporate structure and business operations31.2 Corporate management, targets and strategy141.3 Innovation management191.4 Overview of business development21I.Legal corporate structureFurthermore, shareholders Energie- und Wasserversorgung Rheine GmbH, GSW Gemeinschaftsstadtwerke GmbH Kamen–Bönen-Bergkamen, HertenerIn the 2009 reporting year, equity continued to growEnergiehandels-gesellschaft mbH, Stadtwerkeby means of (cash) capital increases by existingFröndenberg GmbH, Stadtwerke Hamm GmbH,25shareholders and the shareholder base of TrianelStadtwerke Lünen GmbH, Stadtwerke Soest GmbH2.1 Earnings situation25GmbH was expanded with the accession of newand Überlandwerk Fulda Aktiengesellschaft increa-2.2 Financial situation28shareholders.sed their holdings in Trianel GmbH with shares with2.3 Asset situation29In mid-2009, the shareholder Stadtwerke Hallea nominal value of a total of 400,825.00. These2.4 General statement on the business situation30GmbH reduced its share in Trianel GmbH as ofincreases in shares were also implemented as part16 July 2009 by 283,000.00 from 600,000.00of the (cash) capital increase.2. Earnings, financial and asset situationto 317,000.00. As previously in the past, Trianel3. Supplementary report314. Risk report32GmbH purchased the share with a nominal valueOverall, the share capital of Trianel GmbH increasedof 283,000.00 as a company share to place it asduring the 2009 calendar year by 1,012,725.00part of the expansion of the shareholder base, andfrom 16,883,850.00 to 17,896,575.00 on thetransfer it in whole or in part to new shareholders.balance sheet date. We view the success in attracting new shareholders and the capital increases4.1 Risk and opportunity management system324.2 Risk areas and individual risks33As expected, the above-mentioned company shareimplemented as proof of the continued appeal4.3 General statement on the risk situation36was transferred in full in the 2009 reporting yearof our business new shareholders Stadtwerke Lindau (B) GmbH& Co. KG and Stadtwerke Borken / Westf. GmbH,5. Forecast37whereby the latter new shareholder also made an5.1 Orientation of Trianel GmbH in the next two financial years37additional capital increase for entry into Trianel5.2 General economic conditions in the next two financial years40GmbH. In addition, in Stadtwerke Bad Pyrmont5.3 Anticipated earnings situation41Beteiligungs und Bäder GmbH, Stadtwerke Uelzen5.4 Anticipated financial situation41GmbH, Stadtwerke Wedel GmbH and SWT Stadt-5.5 Opportunities42werke Trier Versorgungs- GmbH four additional5.6 General statement on the business outlook and development forecast43shareholder companies joined Trianel GmbH, viaof Trianel GmbH by corporate managementcapital increases, with the result that as of thebalance sheet date, 47 municipal utility companies6. Reporting pursuant to § 108 para. 2 no. 2of the north rhine-westphalian local government ordinance (GO NRW)from Germany, Switzerland and Austria were direct44shareholders in Trianel GmbH.

4Trianel GmbH I Annual report 20095Management ReportAnnual Financial STatementsBusiness andgeneral conditionsThe following chart provides an overview of the shareholder structure of Trianel GmbHTaking into account the annual net income of 5,491,835 for the 2009 financial year, Trianel GmbH hasas of 31 December 2009.equity of 64,927,461. The equity development is shown in the following chart.Equity development of Trianel GmbH (individual financial statements)ewmr – Energie- und WasserversorgungMittleres Ruhrgebiet GmbH, Bochum(Bochum, Herne, Witten)STAWAG Stadtwerke Aachen AG27.80 %13.48 %Überlandwerk Fulda AG7.82 %Stadtwerke Bonn GmbH6.54 %Stadtwerke Lübeck Holding GmbH5.77 %SWU Energie GmbH, Ulm4.27 %Stadtwerke Energie Jena-Pößneck GmbH3.37 %Niederrheinwerke Viersen GmbH3.24 %Stadtwerke Fröndenberg GmbH0.60 %ENNI Energie Wasser Niederrhein GmbH0.56 %GWS Stadtwerke Hameln GmbH0.56 %Schleswiger Stadtwerke GmbH0.56 %Stadtwerke Bad Salzuflen GmbH0.56 %Stadtwerke Dachau0.56 %Stadtwerke Elmshorn0.56 %Stadtwerke Gronau GmbH0.56 %Stadtwerke Sindelfingen GmbH0.56 %Stadtwerke Tuttlingen GmbH0.56 %Stadtwerke Wedel GmbH0.56 %Salzburg AG für Energie, Verkehr undTelekommunikation, Österreich1.98 %enwor – energie & wasser vor ort GmbH, Herzogenrath1.93 %Stadtwerke Bad PyrmontBeteiligungs und Bäder GmbH0.42 %Stadtwerke Halle GmbH1.77 %Stadtwerke Uelzen GmbH0.42 %SWT Stadtwerke Trier Versorgungs-GmbH1.68 %Stadtwerke Detmold GmbH0.40 %Allgäuer Überlandwerk GmbH1.40 %Stadtwerke Flensburg GmbH0.38 %NVB Nordhorner Versorgungsbetriebe GmbH1.34 %Stadtwerke Unna GmbH0.37 %Stadtwerke Hamm GmbH1.26 %Stadtwerke EVB Huntetal GmbH0.34 %Stadtwerke Lindau (B) GmbH & Co. KG1.09 %Stadtwerke Soest GmbH0.33 %GSW Gemeinschaftsstadtwerke GmbHKamen – Bönen – BergkamenStadtwerke Lemgo GmbH0.30 %0.93 %Stadtwerke Schwäbisch Hall GmbH0.30 %Stadtwerke Borken/Westfalen GmbH0.84 %Stadtwerke Georgsmarienhütte GmbH0.28 %Stadtwerke Lünen GmbH0.74 %Stadtwerke Herford GmbH0.28 %Regio Energie Solothurn, Switzerland0.67 %Stadtwerke Lengerich GmbH0.28 %Energie- und Wasserversorgung Rheine GmbH0.64 %Stadtwerke Verden GmbH0.28 %Hertener Energiehandelsgesellschaft mbH0.61 %Teutoburger Energie Netzwerk e.G., Hagen0.28 %Trianel GmbHStatus: 31/12/200964.9 00720082009

6Trianel GmbH I Annual report 20097Management ReportAnnual Financial STatementsBusiness andgeneral conditionsOn the reporting date of 31 December 2009, Trianel owned thirteen subsidiaries and affiliated companies.Trianel Gaskraftwerk Hamm GmbH & Co. KG,Trianel Finanzdienste GmbH, domiciled in Aachen,The participation structure is shown in the following chart:domiciled in Aachen, Germany, is responsible foris a wholly owned subsidiary of Trianel GmbH. Theoperating the 840 MW municipal gas and steamactivities of the Trianel Group which require authori-turbine power plant in Hamm-Uentrop. On thesation for the provision of financial services pursuantreporting date, Trianel GmbH’s shareholding wasto § 32, para. 1 of the German Banking Act (Kredit-6.12%. Personally liable shareholder Trianel Gas-wesengesetz) are concentrated in this company.Trianel GmbHkraftwerk Hamm Verwaltungs GmbH, domiciled inTrianel Gaskraftwerk HammGmbH & Co. KGGenrationTrianel Gasspeicher EpeGmbH & Co. KGGasstorageTrianel Kohlekraftwerk LünenGmbH & Co. KG6.12 %17.60 %6.34 %Trianel Gaskraftwerk HammVerwaltungs GmbHTrianel Gasspeicher EpeVerwaltungs GmbHTrianel Kohlekraftwerk LünenVerwaltungs GmbH100 %100 %100 %GenrationTrianel Windkraftwerk BorkumGmbH & Co. KGGenration2.92 %Trianel Finanzdienste GmbHPortfoliomanagement/Financial services100 %Trianel Windkraftwerk BorkumVerwaltungs GmbH100 %Trianel Service GmbH20 %Aachen, a wholly owned subsidiary of Trianel GmbH,The Dutch sales company Trianel Energie B.V.,manages the company.domiciled at Maastricht Airport, is a wholly ownedsubsidiary of Trianel GmbH and bundles the salesTrianel Gasspeicher Epe GmbH & Co. KG, domiciledand distribution activities of the Trianel Group inin Aachen, is responsible for the expansion andthe Netherlands and Belgium.operation of a natural gas storage facility located inEpe in the district of Borken (North Rhine-Westpha-energieGUT GmbH, domiciled in Aachen, marketslia). On the reporting date, Trianel GmbH’s sharehol-energy to domestic end consumers via an internetding was 17.6%. Personally liable shareholder Trianelplatform. As part of planned development, TrianelGasspeicher Epe Verwaltungs GmbH, domiciled inGmbH decreased its holding in energieGUT duringAachen, a wholly owned subsidiary of Trianel GmbH,the 2009 financial year, with a shareholding ofmanages the company.8.31% on the reporting date.Trianel Kohlekraftwerk Lünen GmbH & Co. KG,The purpose of the Cologne-based Trianel Servicedomiciled in Lünen, has been building a modern,GmbH is the development and bundling of technicalhighly efficient 750 MW hard coal-fired powerenergy supply services. On the reporting date, Trianelstation at the Lünen site (North Rhine-Westphalia)GmbH’s shareholding was 20%. The strategicsince mid-2008. On the reporting date, Trianelorientation of the company is under examination,GmbH’s shareholding was 6.34%. Personally liablewith business operations currently suspended.shareholder Trianel Kohlekraftwerk Lünen VerwalTrianel Energie B.V.Sales Beneluxtungs GmbH, domiciled in Aachen, a wholly owned100 %EEX AG0.25 %subsidiary of Trianel GmbH, manages the company.Trianel Windkraftwerk Borkum GmbH & Co. KG,energieGUT GmbHConsumer sales GermanyStatus: 30/04/2010Status: 31/12/2009II.Business sectorsdomiciled in Aachen, was established in June 2008,8.31 %and is responsible for planning and development andconstruction and operation of the Borkum-West IITrianel GmbH operates throughout the entire valueoffshore wind farm with a capacity of 400 MW. Onchain in the unregulated energy sector. As Europe’sthe reporting date, Trianel GmbH’s shareholding waslargest cooperation of municipal utility companies,2.92%. Personally liable shareholder Trianel Wind-Trianel GmbH makes the potential of liberalisedpark Borkum Verwaltungsgesellschaft mbH, domic-energy markets accessible by bundling commoniled in Aachen, a wholly owned subsidiary of Trianelinterests in a municipal environment with theGmbH, manages the company.objective of boosting the competitiveness andtherefore autonomy of municipal utility companies.

8Trianel GmbH I Annual report 20099Management ReportAnnual Financial STatementsBusiness andgeneral conditionsIn cooperation with the municipal utility companies,2. Midstream activitiesefficiency are examples of the latest trends in thedecreasing electricity sales quantities of the aroundworking toward the same goal can help overcomeThese activities include all services required toreporting year. By developing suitable products and35 managed municipal utility companies. It wasbarriers to market entry and thus open businesscontrol and manage an energy procurementbusiness models, we want to allow our shareholdersparticularly pleasing that additional new customerssectors which would not be accessible to individualportfolio. Trianel also assumes some of the risk –to participate in these trends.and non-shareholders chose Trianel’s portfoliomunicipal utility companies.such as forecast risk – for its customers. Dependingmanagement services in free competition. Inon the individual propensity for risk of the individualgeneration portfolio management, the focus wasThe starting point and core business of Trianel GmbHmunicipal utility company, different procurementon managing virtual segments of the Trianel jointis the energy supply business. Trianel supportsstrategies are pursued, which range from a full-ser-municipal utility companies in their supply responsi-vice package to active management. Our accessbility by procuring energy in wholesale the OTC markets and energy exchanges, andIII. Management and controlpower station in Hamm-Uentrop. The convincingperformance over alternative management strategiesproven for years in quantitative comparisonsan established collateral system developed with ourIn addition to the Management Board with directors,attracted new customers and allowed Trianel toin recent years in particular due to the developmentshareholders allow us to procure the energy quanti-Sven Becker, management spokesman, and Dr. Jörgexpand its managed share of the power station toand energy-business and commercial consultancyties required by our customers. Where necessary, weVogt, Trianel GmbH’s governance bodies include theapprox. 600 MW of the overall output of 820 MW.and optimisation of large-scale energy generationavail of the services of Trianel Finanzdienste GmbH,Shareholders’ Committee and the twelve-memberand gas storage facilities. All activities of Trianel arewhich is authorised to provide financial services.Supervisory Board.Trianel’s area of activity has expanded considerablyThe key service in the German energy supply marketis assuming quantity and price risks for municipaldeveloped in close coordination with the preferencesof the shareholder companies and customised forThe available resources are also used to market theutility companies. The drop in sales of the municipaltheir needs and’s own generation position and to manageutility companies to which energy is supplied as aits own gas storage capacities for proprietary tradingIV. Important products, services,business processes, projectsresult of the recession, and a new market organisation approach for equalisation energy led to shifts inIn our role as energy service providers for municipalactivities in the energy market. In so doing, Trianelutility companies, we currently operate in theactively participates in the opportunities and risksthe market which could not have been predictedfollowing individual areas of the value chain:of the wholesale reach this extent. This led to losses for theseOverall, Trianel further increased the priority ofproducts in 2009. Early introduction of suitable1. Upstream activitiesAll activities involving risk are embedded in a riskservices in its portfolio in 2009, as in previous years.countermeasures allowed us to limit the financialIn this area, we develop projects for the constructionmanagement system, which strictly restricts theThis development follows our increased focus oneffects on us. We have also adjusted the contractor purchase of large-scale facilities in the energyprofit results from open, unhedged items.lower-risk or risk-free transactions.model taking this experience into account to limitrisks.sector, such as gas or coal-fired power stations,cogeneration power stations, gas storage facilities,3. Downstream activitiesThe product range in the trade business sector wasgas pumping stations, offshore wind farms and helpWe provide various services for municipal utilityfurther expanded in 2009. Accordingly, on the gasIn commercial management for the Hamm-Uentropour shareholders and other municipal utility compa-companies to support them in fulfilling their salesfront, Trianel operates in OTC trade in the marketpower station, we successfully tapped the minutenies expand their value creation into the upstreamresponsibilities. This includes joint developmentsegments of NCG (Net Connect Germany), GAS-reserve market and marketed the secondary reservearea of the energy sector value chain. We continueof new products and provision of risk managementPOOL and the TTF trading point. In the electricitymarket in cooperation with the technical monitor these projects after commissioning, Trianel tapped the option of cross-borderDuring the reporting year, establishment of commer-regular operation with our commercial and energyintraday trade between Germany and the Nether-cial management processes and systems for themanagement services. As we already have accessWe support our shareholders in implementing newlands in the reporting year.Trianel joint power station in Lünen, which isto wholesale markets, we can manage or marketvalue creation options on the energy market in allthe facilities for the respective owners if sectors. We continuously monitor the latestIn 2009, portfolio management on the procurementContinuous commercial operation is expectedBy purchasing minor shares in the project companies,technological and energy industry trends and analyseand generation fronts was once again one of theto commence there at the end of 2012.we participate in the results of the respective plantstheir potential for joint processing with our sharehol-mainstays of the electricity management business.after commissioning.der companies. Areas such as electromobility,In the procurement portfolio management, theIn the gas industry business sector, the range ofre-municipalisation of supply functions and energyrevenues were stabilised in spite of generallyservices was expanded in the reporting year.currently under construction, was also targeted.

10Trianel GmbH I Annual report 200911Management ReportAnnual Financial STatementsBusiness andgeneral conditionsIn addition to products for trade-oriented manage-commercial utilisation is planned for the 2010/11for the beginning of 2011, and commissioningment of gas storage facilities, new modules weregas business year. This almost doubles the storageis planned for 2015.added to procurement portfolio management. Acapacity.Electromobility project: In late-summer 2009,29 municipal utility companies signed the E-mobilityproject development order aimed at establishingProjects in the field of renewable energies:a significant position in the field of access for all German market areas for theLong-term gas procurement project: The long-In September 2007, Trianel GmbH was commissi-As part of this, a project study to analyse thefirst time in the reporting year. Overall, this stabilisedterm gas procurement project advanced to a newoned by a total of 34 project partners to identifyopportunities and risks of the new business sectorand expanded the customer base. By contrast,phase in summer 2009. Based on common experi-and develop concepts for project developmentwas commissioned in September 2009, which is toplacement of the supply products for gas on theence in joint import of gas quantities, entering theopportunities in the field of renewable completed by January 2010. Based on the results,market was not as successful as expected due toupstream segment was considered attractive underIn April 2009, the studies on a variety of technolo-products and specific business models are beingaggressive competitive products offered by the majorcertain conditions due to the market environmentgies were concluded successfully and the commissi-developed, which support the project partners ingas importers.(financial crisis, low gas prices). 20 municipal projectoned project development was completed. The firstdeveloping their involvement in electromobility. Thepartners were attracted for this new project phase,project to be processed as part of Trianel’s involve-specific implementation phase started in April 2010In spite of the ongoing expansion measures on thewho together pursue the goal of procuring ament in renewable energy is the Borkum West IIwith the establishment of the E-mobility tank in Epe during 2009, we succeeded inminimum risk position in the gas production area.offshore wind farm. Based on the results and ideasmaintaining commercial operation largely withoutIn the reporting year, the focus was initially onregarding a sustainable generation strategy, furtherrestrictions, and in expanding the services as partdetermining the framework conditions for a possibleregenerative energy projects are currently beingof commercial operation. The commercial applica-target object.developed, which will allow the municipal utilityTTF procurement platform enabled us to offercompanies to become involved in 2010.tions of the storage facility were expanded via moretrade-oriented marketing and a new interruptibleLünen hard coal-fired power station project:storage product. In addition, further third-partyIn May 2008, the decision to build was made by theBorkum West II offshore wind farm project:customers were attracted for the storage facilityshareholders, and all significant contracts (financing,The project involves the construction of a total of 80in spite of the difficult market environment.coal delivery, coal loading, etc.) were concluded forwind turbines with auxiliary systems (wiring,the construction of a hard coal-fired power stationtransformer stations) in the exclusive economic zoneThe project development business of Trianel GmbHin Lünen with a net output of approximatelyof the Federal Republic of Germany (45 km northagain expanded during the 2009 financial year.750 MW. The hard coal-fired power station is toof the island of Borkum in water with a depth of 28Trianel provides the management as well as technicalbe connected to the grid in the 4th quarter of 2012.- 33 m). The permitted overall output of the windexpertise in the fields of legislation, energy industry,Construction will be undertaken at a fixed is up to 400 MW; the expected investmenttechnology, business tasks and communication forConstruction progress is going according to schedulevolume is approx. 1.4 billion. The project is to bethe corresponding projects. The parties involved inand within the budget. As of 31/12/2009, almostimplemented with 29 municipal utility companiesmanaging the projects, besides Trianel GmbH, 600 million of a total planned approx. 1,400in two phases of 200 MW each. The Borkum West IIinclude municipal utility companies, who are lookingmillion had been invested.project is one of the first projects of this scalevalue creation activities at all levels of the valueHard coal-fired cogeneration power station inwind turbines are to be used in the project. Accor-chain. In detail, our activities in the 2009 financialKrefeld-Uerdingen project: In view of the additio-ding to the schedule, the final decision to build isyear included the following projects:nal demand for thermal power station output, ato be made in the third quarter of 2010, andhard coal-fired cogeneration plant is being develo-construction is to begin in the second half of 2011,Gas storage facility project in Epe: 2009 wasped in Krefeld-Uerdingen. It is located in thewhich means that the entire wind farm can bethe first full year of operation after commercial gasnorthern extension of the Uerdingen chemical parkcommissioned as early as autumn 2012. The qualitystorage operation began on 01/10/2008. The gasowned by Bayer AG. To supply the industrial park,and unique nature of the project has also beenstorage facility operated according to schedule andthe equivalent of 200 MW of the power stationrecognised by the EU, which agreed to subsidise thevirtually trouble-free in the reporting year. In the 4thblock in Uerdingen can be decoupled as heat, thusproject implementation to a total of 42.71 millionquarter of 2009, an additional cavern was commissi-achieving a very high efficiency level (energy useat the end of 2009.oned and its initial filling was completed. Completelevel) of over 60%. The decision to build is plannedimplemented off the German coast. 5 MW offshorefor an independent and cost-effective way to access

12Trianel GmbH I Annual report 200913Management ReportAnnual Financial STatementsBusiness andgeneral conditionsKey sales marketselectricity generation and gas sales also decreasedGovernment considers nuclear power stations ament plans to publish an energy concept which willGermany is Trianel GmbH’s most important salesroughly by six percent. The comparatively harshCO2-free bridge technology until the transition toprovide more transparency and stable long-termmarket. The Netherlands, Luxembourg, Switzerlandwinter of 2008/2009, with corresponding demandthe renewable energy age has been completed.conditions.and Austria follow by a wide margin. Our mostfrom private households did not manage to changeHowever, there is neither a specific time scheduleimportant customers are German municipal utilitythis. The quantities of electricity which the energyfor how long nuclear power is to be used as a bridgeIn addition, there were delays in legislation beforecompanies, in general the shareholders of Trianelcompanies were unable to sell to customers kepttechnology, nor has the question as to the conditionsthe elections. The government coalition of the CDUGmbH.the spot prices at a relatively low level, and resultedfor continued operation been answered. Currently,and SPD parties struck the negotiations for a newin significant losses for most energy sellers, as some23 percent of electricity in Germany is generatedCCS law from the agenda of the German ParliamentWithin Germany, Trianel GmbH has succeeded inof it had been purchased during the high-pricefrom nuclear power, which must be replaced withas there were too many open questions. This leadsstrengthening its shareholder base, also takingperiod leading up to mid-2008. In addition to this,new plants producing basic load in the medium toto the danger that Germany will be at a disadvan-regional aspects into account. For example, in thethe extraordinary fluctuations in demand negativelylong term, depending on the exit scenario. Withtage in the development of this technology as aLindau municipal utility company, Trianel hasaffected the quality of data forecasts, which resultedlong-term approval processes, it is important to findresult of a lack of planning security. The draft ofattracted a further shareholder in the south ofin generally higher balancing energy costs. As areliable framework conditions for the investors at ana new Energy Efficiency Act also failed.Germany. The position in the north of Germanyresult of decreasing consumption and long-termearly stage. Accordingly, the current unclear situationwas enhanced with the assistance provided totake-or-pay contracts, there was plenty of naturalis a major barrier to investment for the constructionBy contrast, the “Act on the Acceleration of theHamburg Wasser in founding the new municipalgas on the market, which led to increased competi-of large-scale power stations.Expansion of Extra High Voltage Networks” (Gesetzutility company Hamburg Energie.tive pressure and falling margins.zur Beschleunigung des Ausbaus der HöchstspanPower station construction in 2009 focused onnungsnetze) was passed in 2009. Its objective isIn OTC wholesale trade, we have business relationsAt the same time, the crisis on the financial marketshard coal and lignite-fired plants. However, in someto shorten the approval process to allow theto most of the German and European utility compa-caused the banks to be more restrictive in grantingprojects, increased resistance from the populationtransport network to adapt to the requirementsnies which operate on the market in this This had significant effects, not only in thecame to the fore, which was added to the uncertain-of feeding in wind energy and of electricity trading.Although the physical performance largely takesclassical corporate finance sector, but also affectedty due to the unclear framework conditions. AfterOn 22 April 2009, the European Parliament appro-place in Germany, many of our competitors arethe project financing market. In this context, the crisiscontinued construction work at the Datteln site plantved the third Common Market Package for electricitylocated in other European countries.revealed itself not only in increased interest chargeshad been seriously affected by these factors, sixand gas. The regulations took effect on 3 Septemberfor loan granting or increased capital procurementother coal-fired power station projects were post-2009, and were intended to improve the reliability ofcosts for investments, but also in a considerableponed or cancelled altogether. If the German powersupply, enhance competition and advance sustainab-increase in demands for corresponding loan agree-generation mix is not modernised, there is a riskle power supply. In this context, an enforcedments and collateral. At the same time, the creditof significant supply bottlenecks, at the latest whenproperty rights divestiture of the integrated powervolume available to individual credit institutions hasnuclear power is phased out. The fundamentalsupply companies was avoided and a third optionV.Legal and economic influencing factorsdecreased considerably. For this reason, investors mustopinion on nuclear power in Germany is difficulton divestiture of network operations was agreed.2009 was characterised by two main influencingestablish new relationships to secure greater financingto gauge. While the new government has spokenIt provides for strict structural and process require-factors. While at a legal level important plannedprojects. For carefully planned major projects in theout in favour of extending the use of the existingments for neutrality of grid management, forlegislation was postponed due to the Federalenergy sector, in some cases, this meant significantplants, the events involving the Krümmel nuclearimplementation of required grid investments andParliament Elections, the global economic crisisadditional effort and comprehensive changes inpower station and the Asse nuclear waste repositoryfor easier connection of new power stations.was the primary factor at an economic level.planning which caused serious delays in implementa-have inspired significant concerns regarding nucleartion in many locations.power in the population. Without additional politicalFurther progress was made on opening the GermanThe global economic crisis had direct and far-re-measures, extending the use of nuclear powernatural gas market in 2009. The number of marketThe Federal Parliamentary Election in Septemberstations would result in considerable distortion ofareas decreased further, dropping from ten to six.for electricity and gas. The German gross domestic2009 was also highly important for the industry.competition, as only a few producers can accessThis improved the clarification and implementationproduct decreased by five percent, largely due toThe change in the political majorities resulted in ainexpensive electricity from written-off nuclearof transport for market participants without theirfalling demand for industrial goods. As a result,re-evaluation of nuclear power. The new Federalpower stations. During 2010, the Federal Gove

Stadtwerke Hamm GmbH 1.26 % Stadtwerke lindau (b) GmbH & Co. KG 1.09 % GSW Gemeinschaftsstadtwerke GmbH Kamen – bönen – bergkamen 0.93 % Stadtwerke borken/Westfalen GmbH 0.84 % Stadtwerke lünen GmbH 0.74 % regio energie Solothurn, Switzerland 0.67 % energie- und Wasserve