|Bid||44.54 x 0|
|Ask||44.69 x 0|
|Day's Range||44.28 - 44.73|
|52 Week Range||38.06 - 46.95|
|Beta (3Y Monthly)||-0.21|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.40 (3.13%)|
|1y Target Est||N/A|
(Bloomberg) -- EON SE has hired BNP Paribas SA to help sell an energy supplier in the Czech Republic it’s gaining as part of its pending takeover of rival Innogy SE, people with knowledge of the matter said.EON plans to kick off a formal sale process for Innogy’s Czech electricity and gas retail business in the coming weeks, according to the people, who asked not to be identified because the information is private. The assets, which EON is selling to win antitrust approval for the Innogy acquisition, could fetch as much as 1 billion euros ($1.1 billion), the people said.The European Commission on Tuesday granted EON permission to take over Innogy from RWE AG in a deal that is set to transform Germany’s energy landscape. To win approval, EON agreed to divest most of its German customers for heating power, along with any assets necessary to operate in the market. It also agreed to shed a retail business in Hungary and cede its operation of German highway car-battery charging stations to a new supplier.EON may also announce the formal closing of the Innogy transaction as soon as this week following the European antitrust approval, one of the people said. Deliberations on the planned sales are at an early stage, and no final decisions have been made, the people said.Representatives for EON and BNP Paribas declined to comment.The approval marks an important step in a deal that’s set to reshape Europe’s biggest energy market. As part of the deal, EON will become a grid and network player and RWE will speed its shift from a fossil-fuel power generator to a majority renewables player.\--With assistance from William Wilkes.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Eyk Henning in Frankfurt at email@example.com;Myriam Balezou in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com, Neil Callanan, Reed LandbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ESSEN, Germany/BRUSSELS (Reuters) - E.ON will move quickly to address problems at Npower, the loss-making British retail business it is taking over after European regulators approved its purchase of assets from peer Innogy, the German energy group's CEO said on Tuesday. "(Npower) is an open wound which bleeds heavily," Johannes Teyssen told journalists. The approval seals the fate of Innogy, which was carved out from RWE and listed three years ago as a separate entity, with its assets being taken over by its parent and E.ON.
German energy group Innogy, which is being broken up by parent RWE and rival E.ON, on Tuesday said operating profit fell more than a fifth in the first quarter as it continued to lose customers in Britain. "In the company's UK retail business ... the persistently poor market environment resulted in a decline in customer numbers," Innogy said on Tuesday, keeping its 2019 outlook. In Britain, Innogy lost 103,000 customers in the first three months.
FRANKFURT (Reuters) - Innogy has been approached by third parties about its ailing British unit Npower, for which it is considering all strategic options, its finance chief said on Tuesday, adding the ...
DUESSELDORF (Reuters) - A consortium of investors managed by Macquarie Infrastructure and Real Assets has bought the rest of Innogy Grid Holding for around 1.8 billion euros (£1.55 billion), previous owner ...
The table below details the building plans of Germany's power plant owners and operators, based on information gathered by industry association BDEW and presented at the annual Hannover industrial fair ...
FRANKFURT (Reuters) - German energy group E.ON will have to compensate RWE for a lower-than-expected dividend Innogy plans to pay for 2018, RWE's finance chief told analysts on Thursday. Last year, E.ON ...
FRANKFURT/ESSEN, Germany (Reuters) - Utility RWE is sticking with its coal power plants, its chief executive said on Thursday, holding out for more compensation under a German landmark plan to abandon the fuel in exchange for payments. Under proposals hammered out by a government-appointed commission earlier this year, Germany is to fully phase out coal as an energy source by 2038, hitting operators of such plants including RWE, Germany's largest electricity producer. The plan foresees that 3 gigawatts (GW) of lignite capacity need to be shut down by 2023 in Germany, a move that could cause 2,700 job losses at RWE, CEO Rolf Martin Schmitz said at the group's annual press conference.
FRANKFURT/ESSEN, Germany (Reuters) - E.ON's planned acquisition of the retail and network activities of RWE subsidiary Innogy could take longer should Britain leave the European Union without a deal, RWE's ...
E.ON chief executive Johannes Teyssen said on Wednesday he was not planning for a negative assessment of the planned asset takeover of rival Innogy by EU antitrust regulators. "I have not occupied myself with a plan B," Teyssen said in response to questions during the company's 2018 earnings news conference in Essen, adding he believed it could be proved that there was no danger of market dominance. The European Commission said last week it would look into concerns about the deal's impact on retail and network activities in Europe.
ESSEN, Germany (Reuters) - German energy group Innogy expects to lose more clients in Britain and plans to cut back investments in the challenging local retail market, its chief executive told journalists ...
FRANKFURT/ESSEN (Reuters) - German energy group Innogy on Wednesday forecast a 13-percent drop in operating profit this year, as competition in the British retail market remains tough following a failed attempt to merge its local unit with that of SSE. The group, which was carved out of utility parent RWE in 2016, has been losing customers in Britain, where billing issues, a price cap and smaller rivals have made it hard to turn a profit. "In the UK retail business, we project a steep decline in earnings due to the introduction of the price cap for standard variable tariffs in 2019 and rising commodity prices," Innogy said in it annual report.
German utility E.ON's acquisition of Innogy's assets may reduce competition and lead to price hikes in Germany and other EU states, EU antitrust regulators warned on Thursday as they opened a probe into the deal. E.ON is buying Innogy's assets as part of an asset swap with Innogy's owner RWE which recently won EU approval to purchase E.ON's renewables and nuclear electricity generation units. The European Commission cited deep concerns about the deal's impact on competition in Germany, the Czech Republic, Slovakia and Hungary.
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, people familiar with the matter said on Thursday. The acquisition is part of an asset swap deal which involves breaking up Innogy and dividing its assets between parent RWE and E.ON. Network, renewables and retail energy group Innogy was carved out from RWE two years ago as a standalone unit.
EU antitrust regulators are asking E.ON's rivals whether the German utility's takeover of Innogy's businesses in an asset deal swap with RWE will harm competition or jack up prices in the German retail market. The European Commission, which is examining the deal, recently sent out lengthy questionnaires with more than 200 questions to competitors and customers of E.ON and Innogy. The deal would see E.ON acquire Innogy's prized regulated energy networks and customer operations, while RWE would take on the renewables businesses of both E.ON and Innogy to become Europe's No.3 renewables player.
Energy group Innogy will restructure its British retail business npower, already subject to a round of job cuts, after a planned joint venture deal with rival SSE fell apart, an Innogy executive said. "Overall, the British retail business is not a cause for joy. Market conditions have constantly worsened," Martin Herrmann, chief operating officer of Innogy's retail business, told Reuters.
Innogy SE's npower said on Thursday it will cut 900 jobs in Britain this year to lower operating costs as it faces an "incredibly tough" retail energy market. The UK energy supplier said the proposed reductions will be out of a workforce of 6,300, although as around this number leave each year, the number of redundancies will be much lower. Britain's energy market regulator Ofgem imposed a price cap on default energy bills from January this year to save households about a billion pounds a year, following a government promise to tackle rising prices.
Germany's Innogy (IGY.DE) is likely to sell a stake in its Sofia offshore wind project in Britain, once a subsidy is secured, the company's chief operating officer for renewables said. Innogy plans to enter the 1,200 megawatt Sofia project into Britain's next offshore wind subsidy auction in May, and once built in the mid to late 2020s, it could generate enough electricity to power around 1 million homes. "We would take it certainly though the CfD (contracts-for-difference) bidding process and towards financial investment decision … then potentially bring in partners," Paul Cowling, UK managing director for offshore wind told journalists.
BRUSSELS (Reuters) - EU antitrust regulators will decide by Feb. 26 whether to wave through German utility RWE's (RWEG.DE) breakup of its networks and renewables unit Innogy (IGY.DE) with the assets to ...