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Concept
E.ON
Summary
E.ON SE is a German multinational electric utility company based in Essen, Germany. It operates as one of the world's largest investor-owned electric utility service providers. The name originates from the Latin word aeon, derived from the Greek aion, which means age. The company is a component of the Euro Stoxx 50 stock market index, DAX stock index and a member of the Dow Jones Global Titans 50 index.
It operates in over 30 countries and has over 50 million customers. Its chief executive officer is Leonhard Birnbaum.
E.ON was created in 2000 through the merger of VEBA and VIAG.
In 2016, it separated its conventional power generation and energy trading operations into a new company, Uniper, while retaining retail, distribution and nuclear operations. E.ON sold its stake in Uniper through a stock market listing and sold the remaining stock to the Finnish utility Fortum.
In March 2018, it was announced that E.ON would acquire the utility portion of renewable energy utility Innogy through a complex €43 billion asset swap deal between E.ON, Innogy and RWE. The deal was approved by the EU antitrust authorities in September 2019, with final execution taking place in July 2020.
In 2019, E.ON became the first of the "Big Six" UK power companies to switch all of its British electricity customers entirely to renewable electricity. However the company still owns coal power in Turkey.
In 2020, E.ON UK announced that it would be migrating customers over to a new subsidiary brand called E.ON Next. E.ON Next also has two million migrated customers from commercial energy firm npower Business Solutions and Powershop after acquiring both companies.
E.ON came into existence in 2000 through the merger of energy companies VEBA and VIAG (Vereinigte Industrieunternehmungen AG, "United Industrial Enterprises Corporation"). In the United Kingdom, Powergen was acquired by E.ON in January 2002. In 2003 E.ON entered the gas market through the €10.3 billion acquisition of Ruhrgas (later: E.ON Ruhrgas). E.ON Ruhrgas was represented in more than 20 countries in Europe.
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