“The battle will be decided by the customer“

E.ON is positioned to overcome its current crisis and record loss following the company’s split from its conventional energy business into the subsidiary Uniper, the German utility’s CEO Johannes Teyssen told Handelsblatt Online in an interview. “Admittedly, the consequences for our balance sheet are more severe than we would have thought two years ago”, Teyssen said. But he insisted E.ON’s “core business is making a profit” and that the company’s net assets were “clearly positive”, according to German commercial law. E.ON needed “two or three years of consolidation” before the utility’s shift towards renewable energies would be completed, he added. Asked whether E.ON’s competitor RWE pursued a better strategy by channelling its renewable business into the spin-off innogy, Teyssen answered that “battle will be decided by the customer”.

Read the interview in German (behind paywall) here. 

For more information on E.ON' strategic overhaul, see the CLEW factsheet E.ON shareholders ratify energy giant's split.