Renewables Deliver for E.ON as RWE Deal Stays On Track
Essen-based energy company E.ON reported EUR 211 million adjusted EBIT for its Renewables segment in the first quarter of 2019, a 23% increase compared to EUR 171 million adjusted EBIT recorded in the first quarter of 2018.
Renewables’ sales rose 19% year on year, from EUR 401 million in Q1 2018 to EUR 478 million in Q1 2019, again owing primarily to an increase in output due to the commissioning of an offshore wind farm in the United Kingdom and an onshore wind farm in the United States.
Sales were adversely affected by poor wind conditions onshore in the United States and offshore in the United
Kingdom and by lower energy prices in the United Kingdom, E.ON said.
With regards to the acquisition by RWE of E.ON’s renewable and nuclear electricity generation assets, E.ON said that the transaction is right on schedule.
In late February, RWE received approval from Brussels and Bonn for the takeover of E.ON’s and innogy’s renewables businesses and for the planned acquisition of a stake in E.ON. As anticipated, in early March the Commission opened an in-depth investigation.
The preparations for the planned takeover of innogy are generally moving forward on schedule. E.ON is therefore confident that it will obtain the necessary approvals in the second half of 2019, the company said.