Handelsblatt Exclusive

E.ON Looking on the Bright Side

  • Why it matters

    Why it matters

    E.ON is one of Germany’s largest energy companies and its health is key to the country’s transition to renewable energy.

  • Facts

    Facts

    • E.ON spun off its gas and coal operations into a new company called Uniper, which went public in September.
    • E.ON overvalued Uniper and was forced to make massive write-offs, leaving a €9.3-billion hole in its books.
    • Innogy, RWE’s renewables spin off, has overtaken E.ON as Germany’s largest energy company by market valuation.
  • Audio

    Audio

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E.ON CEO Johannes Teyssen insists his company remains in good shape despite billions in write-downs. Source: Roland Weihrauch / DPA

E.ON Chief Executive Johannes Teyssen still sees the glass as half full even as the energy company faces one of the biggest crises in its history.

The overvaluation of E.ON’s spin off, Uniper, has forced the utility to make massive write-offs and has led to a €9.3-billion ($9.8 billion) gap in its finances.

“I admit that the consequences were larger than we expected two years ago,” Mr. Teyssen told Handelsblatt in an exclusive interview, referring to the overvaluation and write-offs.

Despite the difficult times, Mr. Teyssen still argues that E.ON is in solid shape, with no net debt and some €500 million in assets.

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