E.ON SE[2] is a European 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 αἰών aion, which means age or "infinity", with the period being added to create secondary meanings of "energy" (E) and "illumination" (ON).[3] The company is a component of the DAX stock index.[4]
It operates in over 30 countries and has over 50 million customers.[5] Its chief executive officer is Leonhard Birnbaum.[6] 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.[7] 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.[8]
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.[9] However the company still owns coal power in Turkey.[10]
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 and Powershop after acquiring both companies.[11]
History
E.ON came into existence in 2000 through the merger of energy companies VEBA and (Vereinigte Industrieunternehmungen AG, "United Industrial Enterprises Corporation"). In the United Kingdom, Powergen was acquired by E.ON in January 2002.[12] In 2003 E.ON entered the gas market through the €10.3 billion acquisition of Ruhrgas (later: E.ON Ruhrgas).[13] E.ON Ruhrgas was represented in more than 20 countries in Europe.
E.ON also acquired Sydkraft in Sweden[14] and OGK-4 (now: Unipro) in Russia. Sydkraft, Powergen, and OGK-4 were rebranded to E.ON Sverige, E.ON UK, and E.ON Russia respectively. In the United States, E.ON inherited Louisville, Kentucky
Asset swap with RWE
In March 2018, it was announced that E.ON would acquire renewable energy utility Innogy from its controlling shareholder RWE. The deal resulted in E.ON becoming a pure retail and distribution company. This was achieved through a complex €43 billion asset swap deal between E.ON, Innogy and RWE, where E.ON took over Innogy's retail and distribution business, while RWE took over both Innogy's renewable energy generation portfolio as well as E.ON's remaining energy generation assets. In addition, RWE took a 16.7% stake in E.ON and E.ON received a cash payment of €1.5 billion.[33][34] The deal was finalized in September 2019.[8]
Financial data
The key trends for E.ON are (as at the financial year ending December 31):[35][36]
Operations
E.ON is one of the major public utility companies in Europe and the world's largest investor-owned energy service provider. As result of mergers, E.ON inherited the subsidiaries of VEBA, VIAG and Ruhrgas in Central and Eastern Europe. E.ON is present in most of Scandinavia.
E.ON is organized into the following business areas:
- Customer Solutions
- Energy Networks
- Renewables
Nuclear energy
E.ON subsidiary PreussenElektra GmbH operates the Brokdorf, Grohnde, and Isar 2 nuclear power plants.[39]
Sponsorship
Sports
E.ON UK sponsored the FA Cup for four years, from the 2006–07 FA Cup to the 2009–10 FA Cup.[48] The also included the FA Women's Cup and the FA Youth Cup was worth around £32 million.[49] E.ON was also the official energy partner of The Football League and sponsored a collection of home programmes on Channel Five in the UK. E.ON has previously sponsored ITV Weather, the Ipswich Town football club and the Rugby Cup.
Between 2000 and 2006, E.ON was the main kit sponsor of German Bundesliga club Borussia Dortmund.[50]
Facilities
- Elbe Crossing 1
- Elbe Crossing 2
- GKK Etzenricht
- Baltic Cable (operated in cooperation with Baltic-Cable AB)
See also
- European Transmission System Operators
- Gesellschaft für Nuklear-Service
- Power to gas
- Scroby Sands wind farm
External links
References
- Annual Report 2022 E.ON^
- The E.ON Group: a unique company E.ON, retrieved 14 April 2026^
- Questions and Answers about E.ON Group – What does E.ON mean? E.ON, retrieved 14 April 2026^