E.ON CEO Teyssen says German utilities have fallen far behind their international competitors

German utilities “have fallen far behind their competitors in Europe and the US,” according to Johannes Teyssen, CEO of German utility E.ON. The companies’ meagre performance over the last decade has meant investments in research and development are lower than they should be, and German companies have “generally failed to become innovation engines” in the energy sector, Teyssen told Dow Jones Newswires. He argued that the carve-up of innogy, a spin-off of utility RWE, is an appropriate reaction to the current state of the German energy industry, and would enable E.ON and RWE to catch up with their international competitors.

For background, read the CLEW article RWE and E.ON overhaul power sector - German reactions to innogy deal and the dossier Utilities and the energy transition.