German power giant RWE has set its sights on being carbon neutral by 2040, aided by a slew of investments in renewables and decommissioning of coal plants.
The European Commission has approved the transaction between RWE and E.On, paving the way for the former to become one of Europe’s mainstays in renewable power generation.
E.On has seen a 12% decline in half-year earnings, with its customer solutions unit being the hardest hit as earnings halved.
E.On has ramped up its renewable offering, committing to providing 100% renewable energy to all of its residential customers.
Innogy said it was seeking closure on the “unusual situation” of being in the middle of the RWE/E.On asset swap, while its npower retail division continued to suffer at the hands of a “persistently poor” UK market.
Centrica and E.On, two of the UK’s largest energy retailers, have lamented the challenging UK retail market in trading updates issued this morning.
Energy suppliers in the UK have thrown down the gauntlet to Shell, challenging its newly-rebranded energy supply outfit to “bring it on”.
E.On has reported strong performance from its renewables and networks divisions, but cited “unrelentingly fierce competition” in European supply markets for sliding returns from its solutions arm.
The Competition and Markets Authority (CMA) has launched an inquiry into the so-called ‘mega merger’ between RWE and E.On.