Germany’s largest utility, E.ON, is reported to be considering the sale of its grid business as it continues to adapt to inhospitable market conditions.
Reputable weekly WirtschaftsWoche reports that the company may spin off least part of its power grids to offset falling grid fees, a pending payment for radioactive storage and possible writedowns.
The newspaper cited unnamed sources emanating from the company asserting that the news will be announced in tandem with its Q3 report on November 9th.
E.ON spun off a majority stake in its power generation and energy trading business Uniper as part of a strategic overhaul last month and is awaiting an announcement from the German government on how much it must pay for funding radioactive storage as part of the country’s nuclear phase-out.
Germany’s top four energy groups – also including RWE, EnBW and Vattenfall, are set to hear a decision from the country’s government on the final funding they must provide for storage of nuclear waste on the 19th of October.
[bc_video account_id=”1214147015″ player_id=”4697982639001″ video_id=”5165685288001″ min_width=”320px”]