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.
The sudden loss of nearly 2GW of generation triggered a stress event and power cuts experienced up and down the country on Friday evening (9 August 2019).
E.On has seen a 12% decline in half-year earnings, with its customer solutions unit being the hardest hit as earnings halved.
RWE is to close its 1.56GW Aberthaw B coal-fired power station in March 2020, taking the UK’s operational coal fleet down to four.
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.
RWE has shelved plans for a new coal-fired power station in Germany, announcing that new coal-fired units “no longer have a place” in its strategy.
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.