Increasing competition, incentive regulation and the financial and economic crisis have raised the pressure on municipal utility companies to adapt. Falling profitability and the trend towards utility companies and grid operators being returned into municipal ownership upon the expiry of concession agreements give rise to a greater need for cooperation. We will closely examine any cooperation or acquisition opportunities arising in cases where this makes strategic and economic sense. New shareholdings are only interesting for us when the companies in question are consistent with our strategy.