Power Engineering - Vattenfall to integrate German and Polish operations

11 December 2007 - Vattenfall will integrate its German and Polish business activities and create the new Business Group Central Europe. Head of the Business Group Central Europe will be the present head of Business Group Poland, Tuomo Hatakka who has also been appointed Chairman of the Management Board at the German subsidiary Vattenfall Europe AG as of 1 January 2008. The reorganisation is subject to approval of Vattenfall's Board of Directors.

"As the integration of the European power market is gaining momentum, Vattenfall has to anticipate future challenges and adjust its managerial and organizational structure accordingly. The European energy market is evolving from country markets towards regional markets as an interim step towards a fully integrated market; hence it is a natural step to further integrate our German and Polish activities and thereby strengthen our position for future growth in central Europe. Tuomo Hatakka, the Head of the new Business Group Central Europe, has an impressive track record in international business and is used to working in multicultural environments. I am very happy that Tuomo Hatakka has taken on this challenge and I know that he will do a very good job," says Lars G. Josefsson, President and CEO of Vattenfall AB.

Vattenfall Europe AG's supervisory board today also accepted Hans-Jürgen Cramer's request to terminate his contract ahead of time on 30 June 2008. Lars G. Josefsson thanked Hans-Jürgen Cramer for 27 successful years in the company, first at Bewag and then since 2002 at Vattenfall Europe AG, and emphasized in particular his achievements since he took over as Speaker of the Management Board in July: "Hans-Jürgen Cramer has lived up to our core values openness, accountability and effectiveness, and started to win back trust in Vattenfall among our customers and key politicians. It is much to my regret that Mr Cramer decided to leave, yet I am grateful that he accepted to continue in the Management Board for a transitional period."

The division of responsibilities among the German Management Board will be revised during the first half-year 2008. The Polish activities will be run as a separate country organization and a country manager will be appointed shortly. There is no intention to merge the respective legal entities.

Mats Fagerlund, who is a member of Vattenfall's EGM (Executive Group Management) and of Vattenfall Europe AG's Management Board as well as head of the German Business Units Distribution and Transmission will be leaving the parent company's Executive Group Management in order to solely focus on his tasks within the German business.

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