E.ON to focus on renewable energy, spin off conventional operations

E.ON to focus on renewable energy and power distribution, spin off its nuclear, oil, coal and gas operations

BERLIN (AP) — German utility company E.ON SE says it plans to spin off its nuclear, oil, coal and gas operations to focus on renewable energy and power distribution.

E.ON said in a statement late Sunday that the new strategy will see it quit conventional power generation, global energy trading, exploration and production.

The move comes against the backdrop of Germany's plan to shut down all nuclear plants by 2022 and ramp up power generation from renewable sources.

E.ON, which is struggling with massive debts, also says it expects to book a 4.5-billion euro ($5.62 billion) charge on its operations in southern Europe this year. The company says it will sell its businesses in Spain and Portugal to Australian investment firm Macquarie for 2.5 billion euros ($3.12 billion).

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs