RWE & E.ON CEOs say deal will help energy transition

A deal to split German renewables company innogy and exchange large parts of their assets will help both E.ON and RWE better contribute to the success of energy transition, the companies said at a joint press conference. “With this realignment, we are convinced that we can better make the German and European energy transition a success than with today’s organisation,” E.ON CEO Johannes Teyssen said. The deal will produce “two focused, strengthened companies” which will be successful in the European market, RWE CEO Rolf Martin Schmitz said. In a press release, E.ON said the deal would lead to up to 5,000 job losses (of more than 70,000 jobs at E.ON after the deal). “At the same time, E.ON anticipates creating thousands of new jobs in the coming decade,” the company said.

Find the joint press release in English here.  

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.