German network regulator, the Bundesnetzagentur, said Wednesday it doesn't expect to make a quick decision on revenue caps and efficiency targets for gas transmission pipelines, adding that it is uncertain that the process will be concluded in summer.

"A quick end to the ongoing hearing process isn't emerging due to ongoing negotiations and talks with grid operators," a spokesman for the regulator told Dow Jones newsletter TradeNews Energy.

"Whether we will make a final decision on efficiency targets and revenue caps in summer isn't foreseeable at this point in time," he added.

The decision is crucial--in particular for RWE AG (RWE.XE), which intends to sell its natural gas transmission grid operator Thyssengas. As long as the regulation issue hasn't been resolved potential suitors will be reluctant to put a price tag on the asset.

"Until the data aren't available in full, we are unable to get an idea of the value of the company," said a spokesman for Bayerngas GmbH, a regional gas procurement company owned by several municipal utilities in southern Germany and Austria .

Bayerngas has previously said it is interested in Thyssengas and has joined forces with five other municipal utilities in the western state of North Rhine Westphalia.

Last month, RWE's Chief Financial Officer Rolf Pohlig said the pending decision by the Bundesnetzagentur is continuing to delay the divestment. At the time, Pohlig said he expected the regulation issue to be resolved within "a few weeks".

In March, RWE had said it delayed the tender for its German gas grid to the third quarter of 2010 from the first half of the year as it is still awaiting notification about revenue caps and efficiency targets.

RWE has committed to selling Thyssengas in a deal with the European Commission last year. In return, the commission dropped an antitrust investigation against the company over alleged market abuse.

Other gas transmission grid operators that will be affected by the regulator's decision include E.ON AG (EOAN.XE), Wingas GmbH, a 50-50 joint venture between BASF SE's (BAS.XE) Wintershall AG and OAO Gazprom (GAZP.RS), Dutch Nederlandse Gasunie NV, Denmark's DONG Energy, Italy's Eni SpA (E), France's GDF Suez SA (GSZ.FR), Norway's StatoilHydro ASA (STO) and eastern Germany-based VNG Verbundnetz Gas AG.

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