Bidders line up for unprofitable power company

  • 13/10/2000

  • International Herald Tribune (Bangkok)

Untile recently, the new power plant in Eastern Germany looked like a Taj Mahal of good intentions gone wrong. Built by VEAG AG, an Eastern power company owned by West German utilities, the coal-fired generators in Lippendorf hum almost silently inside spotless white buildings.But for all its virtues, VEAG is reeling. Because of abrupt regulation of the electricity market here, it has been forced to slash its prices by nearly half in the last year.