EU OKs E.ON Nordic power joint venture

BRUSSELS, Aug 22 (Reuters) - The European Commission gave its approval on Friday to a joint venture backed by German utility E.ON EONG.DE, to align power flows between the Nordic power market with Germany.

"After examining the operation, the Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the European Union executive said in a statement.

The venture, known as the European Market Coupling Company is backed by E.ON, Denmark's Energinet, Vattenfall Transmission [VATN.UL] Nord Pool of Norway and German power bourse EEX.

The venture will provide congestion management services for cross-border electricity transmission and a platform for secondary trading of transmission rights.

The partners said in April the venture is due to go live on Sept. 29.

(Reporting by Huw Jones, editing by Mark John)