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11 October 2005 - Austrian electricity utility Verbund and its Croatian counterpart HEP (Hrvatska Elektroprivreda) have signed a "memorandum of understanding" in Zagreb today, Tuesday.

The two power suppliers have agreed to entertain close cooperation, especially regarding the expansion and perfection of electricity supply to Croatia. This step has been taken in good time with the beginning of negotiations for the country's accession to the European Union.

Hans Haider, Chief Executive Officer of Verbund, and Ivan Mravak, HEP-President of the Management Board agreed that Verbund would act as consultants to HEP concerning European electricity market opening and deregulation and implications for the further development of the European power grid.

The companies also envisage cooperating with regard to upgrading and expansion of the Croatian power plant park, focusing on hydropower and thermal power plants. They foresee to establish a joint working group for the implementation of common projects.

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