The city council in The Hague has decided to put its 16.55% stake – the second-largest – in energy company Eneco up for sale. It joins Rotterdam, which holds more than 30% of Eneco shares, in deciding to divest its interest, news website NU.nl reported on Monday.
This brings Eneco, which is jointly owned by 53 local authorities in the Netherlands, closer to breakup, observers said. The shareholders appointed several consultants at the beginning of the year to advise them of the utility’s value. The company, third-largest in the country, is said to be worth ‘hundreds of millions of euros’.
The current shareholders are looking to sell Eneco in view of the separation of its production and supply operations earlier this year. And many, like Rotterdam, feel that energy is not a public task. The switch-over from traditional fuel sources to renewables further complicates the issue.
Eneco will probably be put up for sale officially next March after the local elections, reports NU.nl.