E.ON to quit gas and coal and focus on renewable energy

Germany’s biggest utility firm, E.ON, has announced plans to split in two and spin off most of its power generation, energy trading and upstream businesses, responding to a crisis that has crippled the European energy sector.
 
E.ON said it wanted to focus on its renewable activities, regulated distribution networks and tailor-made energy efficiency services, citing “dramatically altered global energy markets, technical innovation, and more diverse customer expectations”.
 
“E.ON’s existing broad business model can no longer properly address these new challenges,” the chief executive, Johannes Teyssen, said in a statement.
 
Germany’s power sector has been in turmoil, hit by a prolonged period of weak demand, low wholesale prices and a surge in renewable energy sources which continue to replace gas-fired and coal-fired power plants.
 
E.ON said it would prepare next year for the listing of the new company created by its breakup, with the spin-off taking place after its 2016 annual general meeting.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

SolarEdge Technologies - Solar Inverters, Power Optimizers and PV Monitoring

SolarEdge Technologies - Solar Inverters, Power Optimizers and PV Monitoring

The SolarEdge PV inverter combines sophisticated digital control technology with efficient power conversion architecture to achieve superior solar power harvesting and best-in-class reliability. The fixed-voltage technology ensures the solar inverter is always working at its optimal input voltage over a wider range of string lengths and regardless of environmental conditions. A proprietary data monitoring receiver has been integrated into the inverter and aggregates the power optimizer performance data from each PV module. This data can be transmitted to the web and accessed via the SolarEdge Monitoring Portal for performance analysis, fault detection and troubleshooting of PV systems.