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17 Sep 2019, 13:24
Freja Eriksen

EU approves E.ON takeover of innogy assets, subject to conditions

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The European Commission German utility E.ON's takeover of energy company innogy's grid and customer assets under the condition that E.ON exits certain businesses. E.ON will, among other measures, let go of most of its customers supplied with heating electricity in Germany and discontinue the operation of 34 electric charging stations on the German motorways, .听鈥淚t is important that all Europeans and businesses can buy electricity and gas at competitive prices," said commissioner Margrethe Vestager, in charge of competition policy, adding that the conditions set would ensure the merger does not lead to less choice and higher prices where E.ON and innogy operate.

The deal is part of a听major asset-swap听between听innogy owner听RWE听and听E.ON, agreed in March 2018, that will drastically reshape Germany's energy landscape. E.ON plans to buy RWE's green power subsidiary innogy and the two utilities will also exchange large parts of their assets to refocus their activities. 鈥淏y combining our strengths with innogy鈥檚, we鈥檙e creating a company whose smart grids are bringing more and more green power to people, companies and communities, and linking them together," .

Image shows planned E.ON innogy asset swap deal. Source: 91tv.
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