By Cecilia Butini

RWE has agreed to sell its gas storage business in the Czech Republic to the country's state-owned power transmission operator CEPS for an equity value of 360 million euros ($391.1 million), it said Thursday.

The German energy company said it has decided to divest the Czech gas-storage business, named RWE Gas Storage CZ, but that it will retain the German one, since storage facilities in Germany can also be used to store hydrogen.

The sale of RWE Gas Storage CZ includes the entire workforce of the company, some 250 employees, RWE said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

August 24, 2023 07:44 ET (11:44 GMT)

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