EU approves E.ON takeover of innogy assets, subject to conditions
Clean Energy Wire
The European Commission has approved German utility E.ON's takeover of energy company innogy's grid and customer assets under the condition that E.ON exits certain businesses. E.ON will, among other measures, let go of most of its customers supplied with heating electricity in Germany and discontinue the operation of 34 electric charging stations on the German motorways, said E.ON in a press release. “It is important that all Europeans and businesses can buy electricity and gas at competitive prices," said commissioner Margrethe Vestager, in charge of competition policy, adding that the conditions set would ensure the merger does not lead to less choice and higher prices where E.ON and innogy operate.
The deal is part of a major asset-swap between innogy owner RWE and E.ON, agreed in March 2018, that will drastically reshape Germany's energy landscape. E.ON plans to buy RWE's green power subsidiary innogy and the two utilities will also exchange large parts of their assets to refocus their activities. “By combining our strengths with innogy’s, we’re creating a company whose smart grids are bringing more and more green power to people, companies and communities, and linking them together," commented E.ON CEO Johannes Teyssen.