E.ON SE is a European electric utility company based in Essen, Germany. It runs one of the world's largest investor-owned electric utility service providers. The name comes from the Greek word aeon which means age. The company is a component of the Euro Stoxx 50 stock market index, DAX stock index and a member of the Dow Jones Global Titans 50 index.
This article needs additional citations for verification. (February 2014)
|Leonhard Birnbaum (CEO and chairman of the executive board)|
Werner Wenning (Chairman of the supervisory board)
|Services||Electricity generation and distribution|
natural gas exploration, production, transportation and distribution
|Revenue||€41.484 billion (2019)|
|€1.808 billion (2019)|
|€1.536 billion (2019)|
|Total assets||€98.566 billion (2019)|
|Total equity||€13.085 billion (2019)|
Number of employees
E.ON was created in 2000 through the merger of VEBA and VIAG. In 2016, it separated its conventional power generation and energy trading operations into a new company, Uniper, while retaining retail, distribution and nuclear operations. E.ON sold its stake in Uniper through a stock market listing and sold the remaining stock to the Finnish utility Fortum.
In March 2018, it was announced that E.ON would acquire renewable energy utility Innogy through a complex €43 billion asset swap deal between E.ON, Innogy and RWE. The deal was approved by the EU antitrust authorities in September 2019.
In 2020, E.ON UK announced that it would be migrating customers over to a new subsidiary brand called E.ON Next, powered by rival Octopus Energy's Kraken system. E.ON Next also has 2 million migrated customers from npower and Powershop after acquiring both companies.
E.ON came into existence in 2000 through the merger of energy companies VEBA and VIAG (Vereinigte Industrieunternehmungen AG; United Industrial Enterprises Corporation). In the United Kingdom, Powergen was acquired by E.ON in January 2002. In 2003 E.ON entered the gas market through the €10.3 billion acquisition of Ruhrgas (later: E.ON Ruhrgas). E.ON Ruhrgas was represented in more than 20 countries in Europe.
E.ON also acquired Sydkraft in Sweden and OGK-4 (now: Unipro) in Russia. Sydkraft, Powergen, and OGK-4 were rebranded to E.ON Sverige, E.ON UK, and E.ON Russia respectively. In the United States, E.ON inherited Louisville, Kentucky-based Louisville Gas & Electric Energy, via the acquisition of Powergen, and operated it as E.ON US, until 2010, when E.ON US was sold to Pennsylvania-based PPL for $7.625 billion. The sale was closed on 1 November 2010, with E-ON US becoming LG&E and KU Energy.
E.ON attempted to acquire Endesa in 2006, however this acquisition was overtaken by a joint bid from Italian utility Enel in conjunction with Spanish company Acciona. E.ON acquired about €10 billion of assets that the enlarged Enel was required to divest under EU competition rulings.
In July 2009, the European Commission fined GDF Suez and E.ON €553 million each over arrangements on the MEGAL pipeline. It was the second biggest fine imposed by the European Commission and the first in the energy sector. In 1975, Ruhrgas and Gaz de France concluded a deal according to which they agreed not to sell gas in each other's home market. The deal was abandoned in 2005.
In 2009, E.ON and RWE established an equally owned joint venture Horizon Nuclear Power to develop around 6,000 MWe of new nuclear capacity in the United Kingdom by 2025 at the Wylfa and Oldbury sites. However, in March 2012 E.ON and RWE announced they were pulling out of the project due to difficult financial conditions.
In August 2011, the company announced a possible loss of 10,000 of its 85,600 employees due to the German decision to close all the country's nuclear power stations by 2022, instead of by 2036 as the Bundestag had decided on 28 October 2010.
In May 2014, the UK energy sector regulator Ofgem ordered the company to pay 330,000 of its customers a total of £12 million due to poor sales practices the company engaged in between June 2010 and December 2013. At the time it was the largest penalty levied against a UK energy supplier.
In November 2014, E.ON announced it would abstain from fossil energy in the future. It transferred its fossil energy businesses into a new company, Uniper, which started operating on 1 January 2016. E.ON sold a 53% stake in the business through a listing on the Frankfurt Stock Exchange in September 2016. In 2017, it agreed to sell its remaining stake in Uniper to the Finnish power company Fortum. The deal was finalized in June 2018. However, Uniper continues to operate as an independent entity.
Asset swap with RWE
In March 2018, it was announced that E.ON would acquire renewable energy utility Innogy from its controlling shareholder RWE. The deal resulted in E.ON becoming a pure retail and distribution company. This was achieved through a complex €43 billion asset swap deal between E.ON, Innogy and RWE, where E.ON took over Innogy's retail and distribution business, while RWE took over both Innogy's renewable energy generation portfolio as well as E.ON's remaining energy generation assets. In addition, RWE took a 16.7% stake in E.ON and E.ON received a cash payment of €1.5 billion. The deal was finalized in September 2019.
E.ON is one of the major public utility companies in Europe and the world's largest investor-owned energy service provider. As result of mergers, E.ON inherited the subsidiaries of VEBA, VIAG and Ruhrgas in Central and Eastern Europe. E.ON is present in most of Scandinavia.
E.ON is organized into the following business areas:
- Customer Solutions
- Energy Networks
E.ON subsidiary PreussenElektra GmbH operates the Brokdorf, Grohnde, and Isar 2 nuclear power plants. It is decommissioning Isar 1, Grafenrheinfeld, Unterweser, Stade and Würgassen nuclear power plants. It also holds minority stakes in the RWE-operated Gundremmingen and Emsland NPPs. According to the assets swap deal between E.ON and RWE, RWE will acquire these minority stakes.
E.ON was a major wind energy player across multiple countries. In October 2019, the renewable energy division EC&R was sold to competitor RWE. The sale included EC&R's assets in the UK, Sweden, Germany, Poland and the US. Notably E.ON UK, owned 30% of the London Array project, which is a 630 MW wind generation farm in the Thames estuary. Another notable wind farm is Roscoe, which was the largest in the world at the time of completion, and for a number of years afterwards.
The website (accessed 2019) of Enerjisa which owns Tufanbeyli, a coal fired power station in Turkey, says E.ON is a shareholder and includes the E.ON logo.
E.ON Digital Technology (previously E.ON Business Services until January 2019, E.ON IT and is:energy) is the IT service provider of the energy company E.ON. It bundles business services for finance and HR as well as IT under a single roof and employs around 3,800 people. These are located at four legal entities in Germany (EBS GmbH, EBS Berlin GmbH, EBS Hanover GmbH and EBS Regensburg GmbH); plus legal entities in ten further countries (Belgium, Netherlands, Luxembourg, Czech Republic, Hungary, Italy, Romania, Slovakia, Sweden and United Kingdom).
E.ON UK sponsored the FA Cup for four years, from 2006 to the end of the 2009/10 football season. The four-year deal which included the FA Women's Cup and the FA Youth Cup was worth around £40 million. E.ON is the official energy partner of The Football League and sponsors a collection of home programmes on Channel Five in the UK. E.ON has previously sponsored ITV Weather, the Ipswich Town football club and the Rugby Cup.
Between 1998 and 2014, E.ON and its predecessor company VEBA spent more than Euro30 million ($41 million) supporting the Museum Kunstpalast, located next to the corporate headquarters in Düsseldorf.
In 2014, E.ON decided to sell Jackson Pollock's Number 5 (Elegant Lady) (1951), a painting the company has owned since 1980, at Christie's auction to keep funding the Museum Kunstpalast. Pollock had swapped it in 1954 with New York gallery owner Martha Jackson for the convertible in which he had a fatal accident two years later. In 1980, Ulrich Hartmann, head of VEBA's corporate board office, pushed for the purchase from art dealer Alfred Schmela. The acquisition was considered the foundation for E.ON's art collection of more than 1,800 works.
E.ON is also sponsor of Brain Bar, a Budapest-based, annually held festival on the future.
- Elbe Crossing 1
- Elbe Crossing 2
- GKK Etzenricht
- Baltic Cable (operated in cooperation with Baltic-Cable AB)
- European Transmission System Operators
- Gesellschaft für Nuklear-Service
- Power to gas
- Scroby Sands wind farm
- "Annual Report 2019" (PDF).
- "Structure". Archived from the original on 22 November 2012. Retrieved 20 November 2012.
- "Questions and Answers about E.ON Group – What does E.ON mean?". Archived from the original on 4 January 2012. Retrieved 22 December 2011.
- "#NAME# Liste – #NAME# Werte – boerse-frankfurt.de". Boerse-frankfurt.de. Archived from the original on 19 November 2015. Retrieved 3 February 2016.
- "Who we are. An overview". Archived from the original on 25 December 2010. Retrieved 18 January 2011.
- "Members of the Board Management & Supervisory Board". Eon.com. Retrieved 8 April 2021.
- "E.ON ditches nuclear spin-off plan". DW. 10 September 2016. Retrieved 16 November 2016.
- "Uniper shares get off to volatile market debut". Deutche Welle. 12 September 2016. Retrieved 16 November 2016.
- Massoudi, Arash; Buck, Tobias (11 March 2018). "Eon to acquire Innogy in €43bn deal with RWE". Financial Times. Retrieved 11 March 2018.
- Henning, Eyk; Kirchfeld, Aaron; Nair, Dinesh; Baigorri, Manuel (11 March 2018). "EON to Acquire RWE's Innogy, Transforming German Energy Industry". Bloomberg. Retrieved 16 September 2018.
- "E.ON to tackle Npower after EU clears Innogy takeover". Reuters. 17 September 2019. Retrieved 25 November 2019.
- Hodges, Jeremy (9 July 2019). "EON Switches All U.K. Customers to 100% Renewable Power". Bloomberg. Retrieved 9 July 2019.
- E.ON CEO, Michael Lewis on Ian King Live, retrieved 1 June 2021
- "StackPath". www.choose.co.uk. Retrieved 1 June 2021.
- "WORLD BUSINESS BRIEFING – EUROPE – E.ON TO BUY POWERGEN – NYTimes.com". Query.nytimes.com. 10 April 2001. Retrieved 3 February 2016.
- Pohl, Otto (6 July 2002). "INTERNATIONAL BUSINESS; E.ON, German Energy Giant, to Acquire Big Gas Distributor". The New York Times. ISSN 0362-4331. Retrieved 25 November 2019.
- "E.ON granted EU approval for Swedish utility acquisition". Power Engineering International. 11 April 2001. Retrieved 25 November 2019.
- "PPL Completes Acquisition of Two Kentucky Utility Companies". Pplwediaroom.com. Retrieved 3 February 2016.
- Mark Milner (3 April 2007). "Eon drops out of Endesa fight". The Guardian.
- Nikki Tait (8 July 2009). "Brussels fines GDF and Eon €1.1bn". Financial Times. Retrieved 8 July 2009.
- Adam Mitchell (8 July 2009). "GDF Suez: To Appeal EU Antitrust Decision On Pipeline". The Wall Street Journal. Archived from the original on 13 August 2009. Retrieved 8 July 2009.
- Ian Traynor (8 July 2009). "Brussels levies €1.1bn fine on gas pact pair". The Guardian. Retrieved 8 July 2009.
- "RWE, EOn pull plug on UK nuclear plans". World Nuclear News. 29 March 2012. Retrieved 7 April 2012.
- "Eon may detail job cuts". Financial Times.
- Bundestag: „Laufzeitverlängerung von Atomkraftwerken zugestimmt".
- "E.On to reimburse 12mn pounds to customers for mis-selling power". The UK News. Archived from the original on 18 May 2014. Retrieved 17 May 2014.
- Berlin, Markus Balser. "Energiekonzern: Eon gibt Atomenergie, Kohle und Gas auf". sueddeutsche.de (in German). ISSN 0174-4917. Retrieved 28 December 2016.
- "Eon zieht nach Essen – Neue Gesellschaft heißt Uniper". Die Welt. 27 April 2015. Retrieved 28 April 2015.
- mm-newsdesk (27 April 2015). "Eons Kernspaltung – mit "Uniper" soll alles besser werden". Retrieved 28 April 2015.
- "Uniper remains independent for now despite Fortum push: CEO". Reuters. 11 October 2019. Retrieved 28 November 2019.
- "E.ON to cut 500 UK jobs as it prepares for energy price cap". 1 August 2018. Retrieved 5 December 2018.
- "E.On to cut almost 700 jobs in next two years". The Independent. 19 November 2020. Retrieved 23 November 2020.
- Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. Business Strategy and the Environment. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698
- "E.ON Bilanz, Gewinn und Umsatz | E.ON Geschäftsbericht | ENAG99". wallstreet-online.de. Retrieved 5 November 2018.
- "Brokdorf nuclear power plant | Nuclear facilities". www.nuklearesicherheit.de. Retrieved 25 November 2019.
- "Grohnde nuclear power plant (KWG) | Kerntechnische Anlagen". www.nuklearesicherheit.de. Retrieved 25 November 2019.
- "Isar 2 nuclear power plant | Nuclear facilities". www.nuklearesicherheit.de. Retrieved 25 November 2019.
- "Unterweser gets decommissioning approval". World Nuclear News. 7 February 2018. Retrieved 24 March 2018.
- "E.ON Climate & Renewables GmbH – E.ON SE". Eon.com. 15 December 2011. Retrieved 3 February 2016.
- "London Array Offshore Wind Farm, Thames Estuary". Power Technology | Energy News and Market Analysis. Retrieved 25 November 2019.
- "The Roscoe Wind Farm Project, Texas, USA". Power Technology | Energy News and Market Analysis. Retrieved 25 November 2019.
- "Our Shareholders". Enerjisa. Retrieved 12 January 2019.
- "E.ON Business Services GmbH – E.ON SE". Eon.com. 1 January 2015. Archived from the original on 13 March 2012. Retrieved 3 February 2016.
- "BBC NEWS – Business – E.On not to renew FA Cup backing". News.bbc.co.uk. Retrieved 3 February 2016.
- "Bis 2006: Eon und BVB verlängern Sponsoring-Vertrag". www.handelsblatt.com (in German). Retrieved 25 November 2019.
- Andresen, Tino (21 March 2014). "Pollock's 'Elegant Lady' for Sale as EON Raids Art Hoard". Bloomberg News. Archived from the original on 7 April 2014. Retrieved 22 December 2018.
- Kelly Crow (20 March 2014), Pollock With a Dark Side Archived 11 January 2017 at the Wayback Machine The Wall Street Journal.
- "Jövő generációja". www.brainbar.com.