Published: Tue, March 13, 2018
Culture | By Wayne Carr

German uitlities E.ON, RWE in energy market shakeup

German uitlities E.ON, RWE in energy market shakeup

Germany's top utilities on Sunday announced plans to break up Innogy, whose assets will be divided among parent RWE and rival E.ON in the sector's biggest overhaul since a landmark move to exit nuclear power.

The complex transaction planned in various steps would still need the approval of both companies supervisory boards as well as various regulatory approvals, the statement said.

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Under the agreement, Eon would receive RWE's 76.8% stake in innogy in return for granting RWE an effective participation of 16.67% in Eon SE.

With the exchange of shares, the two companies practically share the market.

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"We assure you that the interests of the employees of our company as well as those of our shareholders continue to be our primary focus", Tigges said.

The total would still be small in operating terms compared to the giants of southern Europe, who were quicker off the mark in building large-scale global renewables fleets than their German counterparts.

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But the union of Innogy and E.ON under a renewables-led RWE would be more interesting for what the future holds. Eon would transfer to RWE most of its renewables business and minority interests now held by Eon's subsidiary PreussenElektra in the RWE-operated nuclear power plants Emsland and Gundremmingen.

"A win-win?" Morgan Stanley suggested in a note, reiterating its "in-line" view of the industry.

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It would leave E.ON operating primarily as an energy networks and retail specialist, with RWE significantly strengthening its position in the renewables and clean energy generation markets. It has been in turmoil since former Chief Executive Peter Terium resigned in December and on Monday said it would cut 400 million euros in costs through the end of 2020.

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