RWE to win EU okay to buy E.ON, Innogy renewables businesses - report
German utility RWE will win unconditional EU antitrust approval to buy the renewables businesses of E.ON and Innogy in a deal that will reshape the German energy market, according to an unsourced Reuters report. Innogy, E.ON and the European Commission, which is scheduled to decide on the deal by 26 February, declined to comment, reports Foo Yun Chee. The acquisition is part of an asset swap deal which involves breaking up Innogy and dividing its assets between parent RWE and E.ON. On completion, RWE, Germany’s biggest electricity producer, will become Europe’s third-largest renewable energy provider behind Spain’s Iberdrola and Italy’s Enel, according to the report.
RWE and E.ON agreed to split RWE subsidiary innogy and focus each on different parts of the business last year. E.ON will largely be in charge of distribution grids while RWE will concentrate on conventional and renewable power generation.