In a big move German energy company Eon announced they would dump all of their nuclear, coal and gas business and focus on renewables. Eon had been suffering losses year after year as Germany’s move to renewables has lowered power prices and demand. The company sold off a number of divisions already and will now focus solely on expanding renewables. They will also put more into energy networks and “solutions” for consumers.
Germany’s other large power utility RWE has also suffered repeat losses for the same reasons. They recently sold off an oil production division to try to stem losses.
This all comes as other energy companies in Germany have backed off of conventional power to focus on the renewables industry.
image credit | energy-innovations.com
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