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.
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