E.ON’s Chief Executive Johannes Teyssen says he is pursuing the spin off of the company’s power plants regardless of cost.
E.ON is focused on slitting the utility’s ailing power plants into a separate unit next year, even if upcoming regulation will torpedo the move, he told reporters.
“I will bring the process to a successful end, no matter the cost,” he told reporters late on Thursday.
Germany‘s largest utility, is planning to spin off its power plants, energy trading activities and oil and gas operations into a separate unit Uniper, responding to an ongoing crisis in the energy sector.
The move has drawn criticism from politicians that claim it is aimed at ridding the group of billions of euros in provisions needed to fund the decommissioning of Germany’s nuclear plants, the last of which will be shut down in 2022.
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