| 02.12.2014: Germany's largest utility E.ON SE has announced a new corporate strategy that places renewables at the center. Citing dramatic changes in market conditions, E.ON has announced a massive restructuring plan under which it will split into two separate companies. The existing company will become a dedicated renewable energy business focused on renewables, distribution networks and customer solutions, while its conventional generation, energy trading and upstream activities will be spun off into a new, independent company. A majority of the new company will be owned by E.ON SE shareholders after the company is spun off in 2016. »We are convinced that it's necessary to respond to dramatically altered global energy markets, technical innovation and more diverse customer expectations with a bold new beginning. E.ON's existing broad business model can no longer properly address these new challenges. Therefore, we want to set up our business significantly different. E.ON will tap the growth potential created by the transformation of the energy world. Alongside it we're going to create a solid, independent company that will safeguard security of supply for the transformation. These two missions are so fundamentally different that two separate, distinctly focused companies offer the best prospects for the future,« said E.ON CEO Johannes Teyssen. As part of the new strategy, E.ON will increase its investment in renewables, distribution networks and customer solutions by up to €500 million ($622.3 million) next year, up from the previously planned 2015 capex of €4.3 billion. Much of the additional funding will go toward expanding its wind business in Europe and strengthening its solar business. The company will also upgrade its energy distribution networks in its European markets and in Turkey and will make them smarter so that customers can take advantage of new products and services in areas like energy efficiency and distributed generation. E.ON does not expect to cut any jobs as a result of the restructuring. About 40,000 employees will remain at E.ON, while about 20,000 will join the as yet unnamed new company. © PHOTON http://www.eon.com/en http://www.eon.com/en/media/news/press-releases.html |
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