The proposed Nabucco natural gas pipeline would have a "higher" possibility of success if a link to hydrocarbon-rich Iran is included, E.ON's (EOAN.XE) Chief Executive Wulf Bernotat said Wednesday.
The jury is "still out" if there is sufficient supply in the Caspian to justify Nabucco, Bernotat said at a press conference in Rome to present E.ON's plans in Italy.
He said the German utility - the world's largest investor-owned utility - isn't interested in joining Nabucco.
The Nabucco gas pipeline project seeks to link central Asia's gas fields with Europe and is aimed at reducing the continent's reliance on Russian gas supplies. The U.S.- and European Union-backed pipeline, which is planned to run from Turkey through the Balkan states to Austria, is expected to be completed by 2013.
The consortium that aims to construct the project comprises Turkish state-owned energy company Botas, Hungarian oil and gas company MOL Nyrt. (MOL.BU), Bulgaria's Bulgargaz, Romania's Transgaz (TGN.RO), Germany's RWE AG (RWE.XE) and Austrian OMV AG (OMV.VI), each holding a 15% stake.
In May, the consortium said the price estimate of Nabucco increased by 58% to EUR7.9 billion, due mainly to higher steel prices.