E.on fossil energy business now in Uniper

German utility E.on SE (ETR:EOAN) said on Monday it has completed the previously announced separation of its fossil fuel activities from its renewable energy business.

A new Duesseldorf-based company, called Uniper, has been created to hold E.on’s conventional power generation, including hydropower, natural gas and coal, and global energy trading operations. It will be spun off officially later this year following stockholder clearance.

As a result of this, E.on will now concentrate entirely on renewables, energy networks and customer solutions.

“Separating these businesses, which were formerly managed together, will make both companies more agile and sharpen their profile for customers and investors,” said E.on’s CEO Johannes Teyssen.

The group unveiled the separation plan at the very end of November 2014, saying it wished to focus specifically on growing its wind power business in Europe and other selected target markets, while also beefing up its solar activities.

Uniper’s portfolio will combine large-scale power generation and the effective management of global and regional energy supply chains.

E.ON will focus on the new energy world with renewables, distribution networks, and customer solutions.

@business.conbio.info /Lennart Ljungblom