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With Spinoff, German Utility E.On to Focus on Renewable Energy
http://dealbook.nytimes.com/2014/12/01/german-utility-e-on-to-focus-on-renewable-energy/[font face=Serif][font size=5]With Spinoff, German Utility E.On to Focus on Renewable Energy[/font]
By Stanley Reed | December 1, 2014 8:33 am
[font size=3]LONDON — European and German policies aimed at reducing carbon emissions are making life difficult for traditional power generation companies and forcing them to change.
In the most radical move yet, E.On, one of Germany’s largest utilities, said on Sunday that it would gradually leave the conventional electricity generation business of coal, nuclear and natural gas power plants and retain its renewable energy and distribution businesses. The company said it would start the process now and present a plan to spin off most of the unit that held the conventional power generation to shareholders at the annual meeting in 2016.
“We are seeing the emergence of two distinct energy worlds,” the company’s chief executive, Johannes Teyssen, said on a call with analysts on Monday.
Mr. Teyssen said that E.On was convinced that utilities would need to decide whether to focus on renewable energy like wind and solar power and related businesses or to stick to power generation that produces greenhouse gases.
…[/font][/font]
By Stanley Reed | December 1, 2014 8:33 am
[font size=3]LONDON — European and German policies aimed at reducing carbon emissions are making life difficult for traditional power generation companies and forcing them to change.
In the most radical move yet, E.On, one of Germany’s largest utilities, said on Sunday that it would gradually leave the conventional electricity generation business of coal, nuclear and natural gas power plants and retain its renewable energy and distribution businesses. The company said it would start the process now and present a plan to spin off most of the unit that held the conventional power generation to shareholders at the annual meeting in 2016.
“We are seeing the emergence of two distinct energy worlds,” the company’s chief executive, Johannes Teyssen, said on a call with analysts on Monday.
Mr. Teyssen said that E.On was convinced that utilities would need to decide whether to focus on renewable energy like wind and solar power and related businesses or to stick to power generation that produces greenhouse gases.
…[/font][/font]