E.ON Will Not Spinnoff Nuclear Power Plants

E.ON will not spinoff nuclear power plants

German utility E.ON will not spin off its nuclear power plants in the country and will now shoulder the 16.6 billion euros ($18.6 billion) needed to decommission them by 2022.
The company had planned to spin off its power plants, energy trading and oil and gas activities into a separate unit named Uniper, scheduled to begin operations at the start of 2016. E.ON said in a release that, going forward, the will focus on renewables, energy networks, and customer solutions and does not consider its nuclear plants a business asset.
E.ON currently operates three nuclear power plants in Germany and owns minority stakes in three others. PreussenElektra will manage the nuclear power business, but will not be integrated into E.ON’s management structure.
“This decision will enable us to implement our corporate strategy and complete the spinoff process on schedule,” said E.ON CEO Johannes Teyssen. “It will create food prospects for our employees and establish a new, value-oriented organization for our shareholders.”
The German government is phasing out all nuclear power in the country by 2022 following the 2011 Fukushima Daiichi nuclear accident in Japan.
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