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30 Financial Condition
expenditure for network connections for offshore wind farms in
the German North Sea. Share investments of 217 million were
slightly (6 million) below the prior-year figure (223 million).
Pan-European Gas invested 1,610 million. Of this figure,
1,117 million (prior year: 943 million) went towards property,
plant, and equipment and intangible assets. It consisted
mainly of investments in the exploration business and in gas
infrastructure. Share investments of 493 million (prior year:
272 million) consisted mainly of payments to acquire a stake
in Yuzhno-Russkoye gas field and payments to MEON, an
affiliated company.
U.K. invested about 864 million (prior year: 1,120 million) in
property, plant, and equipment and intangible assets and
33 million (prior year: 42 million) in share investments. In
local currency, investments decreased by 14 percent from
the prior year. U.K.'s expenditure mainly related to investments
in its generation fleet (including the construction of Grain
gas-fired CHP plant) and in its distribution network.
Nordic invested 165 million more than in the prior year. It
invested 810 million (prior year: 923 million) in intangible
assets and property, plant, and equipment to maintain and
expand existing production plants and to upgrade and mod-
ernize its distribution network. Share investments totaled
294 million (16 million). The current-year figure contains a
compensation payment to Statkraft in conjunction with the
acquisition of minority interests in E.ON Sverige.
U.S. Midwest's investments were lower than in the prior year
due to the completion of flue-gas desulfurization projects
(Ghent 4 in June 2008, Ghent 2 in March 2009) and lower spend-
ing on the new generation unit at Trimble County.
The New Markets segment invested about 1.9 billion in 2009.
Climate & Renewables invested 1,031 million, less than in
2008 (1,484 million).The majority of investments went towards
large wind-power projects in the United States. Russia invested
Cash-Effective and Economic Investments
Our cash-effective investments totaled 9.2 billion in 2009,
half the 2008 figure. We invested 8.4 billion in property, plant,
and equipment and intangible assets (prior year: 9 billion).
Share investments totaled 0.8 billion (prior year: 9.4 billion).
Our economic investments are equal to our cash-effective
investments plus the value of debt acquired and asset swaps.
Central Europe invested 68 million more in 2009 than in
2008. Investments in property, plant, and equipment and in
intangible assets rose by 74 million to 3,039 million. Central
Europe invested 1,737 million in power generation assets.
This 271 million increase resulted primarily from investments
in the Malzenice and Plattling power plant projects (which
were consolidated in 2009) and from investments at genera-
tion assets of France-based SNET, which were included only
in the second half of 2008. In its network business, Central
Europe invested about 200 million less, due in part to lower
Cash-Effective Investments
in millions 2009 2008 +/- %
Central Europe 3,256 3,188 +2
Pan-European Gas 1,610 1,215 +33
U.K. 897 1,162 -23
Nordic 1,104 939 +18
U.S. Midwest 545 650 -16
Energy Trading 53 8 +563
New Markets 1,881 3,305 -43
Corporate Center -146 7,939
Total 9,200 18,406 -50
Outside Germany 6,644 15,415 -57
Economic Investments
in millions 2009 2008
Cash-effective investments 9,200 18,406
Debt acquired 3,464
Asset swaps 2,794 4,366
Total 11,994 26,236