E.ON SE

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E.ON is a German energy company, headquartered in Essen. Operations are divided into 3 operating units, plus non-strategic activities:p.22

  1. Energy Networks: power and gas distribution networks and related activities. It is subdivided into 3 regional markets: Germany, Sweden, and East-Central Europe/Turkey (Czech Republic, Hungary, Romania, Slovakia, and Turkey); E.ON also has a presence in the USA.
  2. Customer Solutions: supplying customers in Europe (excluding Turkey) with power, gas, and heat, and related products and services. E.ON’s main presence is in Germany, the UK, Sweden, Italy, the Czech Republic, Hungary, and Romania.
  3. Renewables: consists of Onshore Wind/Solar and Offshore Wind/Other. E.ON plans, builds, operates, and manages renewable generation assets.
  4. Non-Core Business: the operation of nuclear power stations in Germany, managed by the PreussenElektra unit.

Company

Shareholders

Total Float: 83.7%
Source: MarketScreener.svg, Mar.2020

Structure

ToDo: Investors, [E.ON Group], Guardian, Subsids 2017, p.210

Timelines

ToDo: Reports

E.ON UK plc

  • E.ON UKWikipedia-W.svg, E.ON UK plc, http://www.eonenergy.com/
  • Mar.2018: E.ON SE agreed with RWE AG on an acquisition of RWE’s 76.8% stake in Innogy SE. The acquisition will be carried out via a wide-ranging exchange of assets and participations. In exchange for the 76.8% stake in innogy SE, E.ON will grant RWE an effective participation of 16.67% in E.ON SE. Furthermore, E.ON will transfer to RWE most of E.ON’s renewables business, and also the minority interests currently held by E.ON’s subsidiary PreussenElektra in the RWE-operated nuclear power plants Emsland and Gundremmingen. Furthermore, RWE will receive the entire innogy renewables business and the innogy gas storage businesses and the stake in the Austrian energy supplier Kelag. The transfer of businesses and participations would be conducted with economic effect as of Jan.2018. ref, p.207
  • Sept.2016: Following the construction and entry into service of the Humber Gateway wind farm in the North Sea, E.ON was required by regulation to sell to an independent 3rd party the associated grid connection infrastructure currently held by E.ON Climate & Renewables UK Humber Wind Ltd. The sale to the Balfour Beatty Equitix Consortium was completed in Sept.
  • Jan.2016: E.ON signed an agreement to sell its British E&P subsidiary E.ON E&P UK Ltd to Premier Oil plc. (E&P = Exploration and Production wrt the North Sea).
  • Mar.2011: Central Networks: PPL Corporation bought the distribution networks business from E.ON.ref.
  • 2007: The Powergen brand was phased out and replaced by "E.ON".
  • 2005: The Powergen logo was adapted to include "a company of E.ON".
  • Jul.2004: E.ON UK plc: Powergen changed its name to "EON UK" as a major step towards a single group identity. However, the consumer retailing operation retained the Powergen branding.ref

Powergen plc

  • Jul.2004: Central Networks: Both East Midlands Electricity (Central Networks East plc) and Midlands Electricity (Central Networks West plc) distribution networks were re-branded as Central Networks, an E.ON company. The industrial and commercial retail businesses were also re-branded as E.ON UK. archive.org
  • Jun.2003: TXU Energi was renamed Powergen.
  • May.2003: PowerGen acquired Midlands Electricity distribution business from Aquila Inc.ref, ref, ref,ref
  • Oct.2002: Powergen acquired TXU’s retail and generation businesses, subject to regulatory approval. TXU’s continental operations, and other parts of the UK business, were still owned by TXU Europe.ref,ref The TXU brand is being axed following its acquisition.ref See also KPMG's administrator's report re TXU's insolvency, Jul.2003.
  • Jan.2002: Powergen plc was acquired by E.ON AG.ref,ref,ref
  • 2002: TXU Energi (ex-Eastern Electricity supply, ex-Norweb supply) was bought by Powergen from TXU Europe.
  • Apr.2001: E.ON (Germany) made an offer for Powergen; agreed, subject to regulatory approval (completed Jul.2002).
  • Jan.2001: Powergen confirmed it was in takeover talks with E.ON (Germany).
  • 2001: TXU Energi: Norweb Energi and Eastern Energy merged, forming TXU Energi.ref
  • Dec.1998: Powergen, the new name for TXUI Europe.
  • Jun.1998: Powergen bought East Midlands Electricity's distribution and supply business from USA company Dominion Resources Inc, to add electricity supply to its portfolio. The acquisition was subject to a condition imposed by the Office of Fair Trading that they dispose of 4 Gigawatts of generation capacity. Completed in Sept.1998.ref, p.19 The East Midlands Electricity brand was not replaced until 1999, although the distribution business continued under the EME brand until it merged with Central Networks in 2004.
  • Mar.1995: Powergen plc: The remaining 40% was sold.
  • Mar.1991: Powergen plc was privatised in two tranches, with the first selling 60% to private investors.
  • Apr.1989: Powergen plc was incorporated (initially as "Power Generation Company plc"), in readiness for privatisation. CH

  • Powergen annual a/cs: 2000-2004 and 1997-2002
  • History: link
  • East Midlands Electricity Distribution plc: Powergen Energy plc was rebranded. In Oct.2001 the Utilities Act 2000 came into effect, resulting in the separation of the distribution and retail businesses. On separation, the company changed its name to East Midlands Electricity Distribution plc. The ultimate holding company and controlling party of EMED plc was Powergen plc. See here, p.1

The Group acquired the entire share capital of EPN Distribution Ltd.

  • Oct.2003: Powergen announced that it had agreed terms for the acquisition of Midlands Electricity (ws).ref
  • Oct.2002: Announced the acquisition of TXU's UK retail business, 3 coal-fired power stations and Citigen CHP plant.ref
  • Jul.2002: E.ON AG became the ultimate holding company of East Midlands Electricity Distribution plc.
  • Feb.2001: Powergen Energy plc completed the sale of its metering business to Siemens Metering Ltd.2001 a/cs p.8
  • Dec.2000: completed the sale of the 2,000MW coal-fired Cottam power station. Reached agreement for the sale of the 715MW combined cycle gas turbine (CCGT) plant at Rye House.A/cs 2000, p.6
  • Sept.2000: Corby Power Ltd: completed the purchase of a 50% share in Corby Power Ltd, a 350MW CCGT plant, from Dominion Resources Inc and ESBI Engineering (UK) Ltd. As a result of this transaction, CPL is now 50% owned by Powergen and 50% owned by ESBI. A/cs 2000, p.34
  • Jun.2000: E.ON was created by the merger of two German industrial conglomerates, VEBA and VIAG. Both VEBA and VIAG brought smaller electricity companies or holdings in energy companies to the merger along with the two big utilities. Following the parent company merger, these were consolidated into E.ON Energie. E.ON has many energy holdings in Germany and other European countries, and the cross ownership pattern is quite complex. Following the merger, E.ON’s ‘traditional’ territory now runs right through Germany from the northwest coast and Danish border down to Bayern in the south east.
  • 1999: Sold Ferrybridge C and Fiddler’s Ferry power stations.
  • Mar.1997: Kinetica Ltd: acquired the remaining 50.01% stake in Kinetica, one of the largest independent gas retailers in the industrial and commercial market. The entirety of the Kinetica businesses were hived up. Also sold its remaining holding in National Grid Group plc. A/cs 1996, p.38
  • 1997: Commissioning of Connah’s Quay power station, the divestment of High Marnham and Drakelow C power stations, the closure of Ince power station and the return to service of a 500 MW unit at Fiddler’s Ferry.A/cs 1996, p.8
  • Sept.1996: Wavedriver Ltd: acquired the remaining 50% of the issued share capital of Wavedriver Ltd, an onboard power management system.A/cs 1996, p.39
  • May.1996: Sold its 20.3% stake in Midlands Electricity plc, after its bid to acquire that company had been blocked. A/cs 1996, p.15

VEBA AG

  • Jun.2000: E.ON was created by the merger of VEBA and VIAG.
  • 1987: The Federal Republic of Germany completely privatised VEBA. VEBA’s principal electricity concern was the generator PruessenElektra, which was one of the ‘Verbund’(ref-01) utilities that accounted for 80% of production in the late 1990s.
  • Dec.1982: Ruhr Oel GmbH: VEBA signed a cooperation agreement with the Petróleos de Venezuela (PDVSA) for the establishment of a joint venture.
  • 1965: The Federal Republic of Germany placed the majority of VEBA shares with private investors.
  • 1929: VEBA ("Vereinigte Elektrizitäts und Bergwerks Aktiengesellschaft") began life as a financial holding company for the Prussian govt’s power and mining activities.

VIAG AG

  • Jun.2000: E.ON was created by the merger of VEBA and VIAG.
  • 1996: Sandoz's Master Builders Technologies, a producer of chemicals for the construction industry, was bought by VIAG AG's subsidiary, SKW Trostberg AG,ref.ref The sale was part of the 1996 merger agreement between Sandoz AG and Ciba-Geigy, which formed Novartis.
  • 1986-1990: VIAG was privatised.
  • 1939: VIAG purchased a stake in Bayernwerk - another of the Verbund utilities.
  • 1923: VIAG (Vereinigte Industrieunternehmungen AG), was established by the German govt to manage its industrial holdings.

(ref-01) The Verbund companies joined forces to form the interconnected system, operated by DVG. Each of the Verbund utilities owned its own transmission network - there was no one national grid utility owning the German system. There were 7 west German Verbund companies originally in 1948, later joined by Berlin and then east German generator / transmission utility, VEAG.


Articles

  • Mar.02.2018: Global energy giants forced to adapt to rise of renewables. Under a complex asset and shares swap, E.ON will be reshaped to focus on supplying energy to customers and managing energy grids, and will leave renewables. RWE will focus on power generation and energy trading, complementing its existing coal and gas power stations with a new portfolio of windfarms that will make it Europe’s 3rd-biggest renewable energy producer. The major change comes two years after both groups split their green and fossil-fuel energy businesses, a result of the plan by German chancellor Angela Merkel, to phase out nuclear by 2022, and also the Energiewende, Germany’s speeded-up transition to renewables after Fukushima. After the deal, RWE will have around 8GW of renewable capacity and another 5GW in the pipeline, which will together account for 60% of its earnings by 2020. Adam Vaughan, The Guardian.
  • Mar.02.2018: E.ON hikes bills for 1m customers on coldest spring day on record. Around 1m households face higher bills for gas and electricity after the Big Six power firm E.ON quietly increased prices. The timing of E.ON's move, which the company said was designed to make their charges easier to understand, was branded a stealth hike for the way the changes have been introduced. E.ON is not increasing the unit price of electricity and gas, but is removing £30 worth of dual fuel and paperless discounts for customers on standard variable tariffs, meaning they will see a rise of 2.6%, taking a typical annual bill to £1,153. The backdoor approach appeared designed to evade political flak. Adam Vaughan, The Guardian.
  • Oct.31.2017: Big energy firms make £1bn profit despite loss of millions of customers. The UK's biggest energy companies made a profit of £1bn last year and have increased their profit margins in recent years despite losing millions of customers to challenger firms, according to OfGem, the Office of Gas and Electricity Markets. The Big Six suppliers enjoyed a healthy margin of 4.5% on average in 2016 by charging higher prices to consumers who have not switched, with the gap between the best and worst tariffs widening to £300 a year. British Gas made the biggest profit margin last year, at 7.2%, followed by E.ON with 7%, SSE with 6.9% and Scottish Power with 5.2%. npower and EDF both made a loss. The Big Six's profit margins are rising. First Utility, one of the biggest challenger firms, said the report was further evidence of why ministers were capping prices. The £1bn profit is down from the peak of £1.2bn, with smaller suppliers driving the big six’s market share down to 80%. OfGem found the cheapest tariffs had been withdrawn and most suppliers had converged with pricing just under the cap. Adam Vaughan, The Guardian.