Germany’s energy giants to restructure in $27 billion deal

Germany’s largest energy companies, EON and RWE, disclosed opposing plans on how to profit from selling electricity in their $27 billion reshuffling of the industry.

The two companies are forced to perform second major restructuring of the utility business due to Chancellor Angela Merkel’s drive to slash fossil fuel pollution and spur clean power generation, which cost them billions in write-downs, reports Hudson Valley 360.

RWE plans to carve up the assets of the renewables developer Innogy and focus on generating and trading power, while EON plans to build up its grid and its business to supply 50 million customers across Europe

Source: Hudson Valley 360