EC approves RWE’s acquisition of E.ON and Innogy renewables assets

27 February 2019 (Last Updated February 27th, 2019 11:01)

The European Commission (EC) has given approval for German electric utility firm RWE's plan to acquire E.ON and Innogy's renewables operations without any conditions. 

The European Commission (EC) has given approval for German electric utility firm RWE’s plan to acquire E.ON and Innogy’s renewables operations without any conditions.

Last month, RWE filed its intended acquisitions of the renewable energy businesses of Innogy and E.ON with the EC.

The German Federal Cartel Office has also approved RWE’s acquisition of a 16.7% interest in E.ON.

This was preceded by extensive preliminary reviews by the EC and the German Federal Cartel Office in order to obtain a precise picture of the effects of the transaction with E.ON on competition.

“Thanks to this decision, we have passed another milestone en route to turning RWE into a leading global player in the field of renewable energy.”

RWE chief financial officer Markus Krebber said: “This is very good news. Thanks to this decision, we have passed another milestone en route to turning RWE into a leading global player in the field of renewable energy.”

In addition, RWE will acquire E.ON’s minority interests in the Emsland and Gundremmingen nuclear power stations operated by RWE, Innogy’s gas storage business and its stake in the Austrian power utility Kelag.

RWE has also filed the necessary part of the transaction with the UK Competition and Markets Authority (CMA). Further ahead, RWE plans to submit the details of acquisition in the US assets to anti-trust authorities.

Upon completion of the deal, RWE would become one of Europe’s largest producers of electricity from renewables, as well as a significant provider in offshore windpower.