E.ON

E.ON SE

Company type	Public (Societas Europaea)
Industry	Electric utility
Predecessor	VEBA, VIAG
Founded	2000 (2000)
Successor	Uniper (spun off 2016)
Headquarters	Essen , Germany
Area served	Over 30 countries worldwide
Key people	Leonhard Birnbaum (CEO)
Products	Electricity supply, energy distribution, renewable energy, nuclear power
Owner	Public shareholders
Number of employees	71,629 (2023)
Website	www.eon.com

E.ON SE is a multinational electric utility enterprise based in Essen, Germany, recognized as one of the largest investor-owned electricity providers globally. The company’s name originates from the Latin word aeon, meaning "age" or "eternity," with the addition of a period symbolizing "energy" (E) and "illumination" (ON). E.ON is publicly traded on the DAX and Euro Stoxx 50 indices and is included in the Dow Jones Global Titans 50.

With operations spanning more than 30 countries and serving upwards of 50 million customers, E.ON is led by CEO Leonhard Birnbaum. The corporation was established in 2000 through the merger of VEBA and VIAG. In 2016, E.ON separated its traditional power generation and energy trading businesses into a new entity, Uniper, while maintaining its retail, distribution, and nuclear activities. Subsequently, E.ON divested its holdings in Uniper through an initial public offering and a sale to the Finnish utility company Fortum.

In March 2018, E.ON revealed plans for a €43 billion asset exchange to acquire the utility division of renewable energy company Innogy, involving RWE. This transaction was approved by EU antitrust authorities in September 2019 and finalized in July 2020.

By 2019, E.ON distinguished itself as the first among the UK's "Big Six" to provide all British electricity customers with exclusively renewable energy, although it still holds coal-fired power assets in Turkey. In 2020, E.ON UK introduced E.ON Next, consolidating customers from acquired companies Npower and Powershop under this new brand.

History

E.ON originated in 2000 through the consolidation of energy firms VEBA and . In January 2002, it expanded by acquiring UK-based Powergen. The company entered the gas sector in 2003 by purchasing Ruhrgas (later renamed E.ON Ruhrgas) for €10.3 billion; Ruhrgas operated across more than 20 European nations.

Further growth included acquiring Sweden’s Sydkraft and Russia’s OGK-4 (currently Unipro), which were rebranded as E.ON Sverige, E.ON UK, and E.ON Russia. In the United States, it managed Louisville Gas & Electric Energy under the name E.ON US until its $7.625 billion sale to PPL Corporation in 2010.

In 2006, E.ON sought to purchase Spanish utility Endesa but was outbid by a consortium led by Italian firm Enel. Later, E.ON acquired approximately €10 billion worth of assets that Enel divested following EU competition mandates.

July 2009 saw the European Commission impose fines of €553 million each on E.ON and GDF Suez for anti-competitive conduct related to the MEGAL pipeline, constituting the Commission’s second-largest penalty ever and its first within the energy sector.

In 2009, E.ON partnered with RWE to establish Horizon Nuclear Power, aiming to develop new nuclear facilities in the UK; however, both companies withdrew by 2012 due to financial difficulties.

Following Germany’s decision to expedite nuclear phase-out by 2022, E.ON announced potential layoffs affecting up to 10,000 employees in 2011.

In May 2014, UK regulator Ofgem imposed a £12 million fine on E.ON for substandard sales practices impacting approximately 330,000 customers between 2010 and 2013—the largest penalty levied against a UK energy provider at that time.

By November 2014, E.ON declared its withdrawal from fossil fuel operations, transferring these assets into a newly formed company, Uniper, which commenced operations in January 2016. The majority stake in Uniper was sold via an IPO on the Frankfurt Stock Exchange in September 2016, with E.ON completing the disposal of its remaining shares to Finnish utility Fortum by June 2018. Uniper continues as an independent enterprise. Nevertheless, E.ON maintains coal power interests in Turkey through a 50% shareholding in Enerjisa.

In July 2018, citing Ofgem’s impending energy price cap, E.ON announced plans to reduce its UK workforce by approximately 500 positions. Later, in November 2020, it revealed intentions to cut nearly 700 jobs over two years due to customer transitions onto a new platform expected by late 2022.

In the Arctic Environmental Responsibility Index for 2021, E.ON ranked 56th among 120 resource extraction companies operating north of the Arctic Circle.

The public listing ceremony for Enerjisa Enerji AŞ—a joint venture between Hacı Ömer Sabancı Holding and E.ON—was attended by Turkey’s Minister of Energy and Natural Resources Berat Albayrak. He highlighted the significance of fostering a robust and transparent energy market amid Turkey’s average annual energy imports totaling $55 billion over the past decade.

Asset exchange with RWE

In March 2018, E.ON revealed its plan to acquire the renewable energy company Innogy from its majority owner RWE. This €43 billion asset exchange reshaped E.ON into a company focused solely on retail and distribution. According to the agreement, E.ON assumed control of Innogy's retail and distribution segments, while RWE obtained Innogy's renewable energy production assets along with E.ON’s remaining power generation facilities. Furthermore, RWE acquired a 16.7% ownership stake in E.ON, and E.ON received a cash payment amounting to €1.5 billion. The deal was finalized in September 2019.

Financial overview

Key financial indicators for E.ON (fiscal years ending December 31):

Year	Revenue (€ bn)	Net Profit (€ bn)	Assets (€ bn)	Workforce
2013	124	2.5	130	61,327
2014	113	−2.9	125	58,503
2015	117	−6.3	113	56,490
2016	39.1	−8.4	63.6	42,595
2017	38.9	3.9	55.9	42,657
2018	30.2	3.2	54.3	43,302
2019	41.0	1.5	98.5	78,948
2020	60.9	1.0	95.3	78,126
2021	77.3	4.6	119	69,733
2022	115	1.8	134	69,378
2023	93.6	0.51	113	71,629
2024	80.1	4.5	111	75,046

Business activities

E.ON stands as a prominent European utility provider and ranks as the largest investor-owned energy service company worldwide. Through strategic mergers, it expanded by acquiring subsidiaries from VEBA, VIAG, and Ruhrgas across Central and Eastern Europe, establishing a significant footprint in Scandinavia.

The company’s operations are divided into three main segments:

• Customer Solutions
• Energy Networks
• Renewables

Nuclear power

The subsidiary PreussenElektra GmbH manages the Brokdorf, Grohnde, and Isar 2 nuclear facilities. It is also responsible for the decommissioning processes at Isar 1, Grafenrheinfeld, Unterweser, Stade, and Würgassen nuclear plants. Additionally, it holds minority shares in the Gundremmingen and Emsland nuclear stations operated by RWE; these holdings will be transferred to RWE following the asset swap agreement.

Wind energy projects

Until October 2019, E.ON played a significant role in wind power development across multiple countries before divesting its renewable division EC&R to competitor RWE. This transaction encompassed assets located in the United Kingdom, Sweden, Germany, Poland, and the United States. E.ON UK owned a 30% share in the London Array offshore wind farm in the Thames estuary with a capacity of 630 MW. Another noteworthy project was the Roscoe Wind Farm in Texas, which held the title of the world’s largest wind farm at completion and maintained that status for several years.

Coal operations

E.ON holds a 50% ownership interest in the Tufanbeyli power station coal-fired facility situated in Turkey.

Business services

E.ON Digital Technology (previously known as E.ON Business Services until 2019 and formerly as E.ON IT and is:energy) functions as the provider of IT and business support services for E.ON by integrating finance, human resources, and IT departments. It employs approximately 3,800 personnel distributed among four legal entities based in Germany (EBS GmbH, EBS Berlin GmbH, EBS Hanover GmbH, and EBS Regensburg GmbH) and maintains operations across ten additional countries including Belgium, the Netherlands, Luxembourg, Czech Republic, Hungary, Italy, Romania, Slovakia, Sweden, and the United Kingdom.

Sports

From the 2006–07 season through to 2009–10, E.ON UK held the sponsorship rights for the FA Cup, encompassing the FA Women's Cup and FA Youth Cup, under an agreement worth around £32 million. The firm also served as the official energy partner for The Football League and supported home match programming on Channel Five in the United Kingdom. Additional previous sponsorship engagements included partnerships with ITV Weather, Ipswich Town F.C., and the Rugby Cup.

Between 2000 and 2006, E.ON acted as the primary kit sponsor for Bundesliga side Borussia Dortmund.

E.ON Ruhrgas is a sponsor of both the IBU World Cup and the Ski jumping World Cup. Meanwhile, E.ON Sverige provided sponsorship for the home arena of Swedish ice hockey club Timrå IK from 2003 until 2015.

During the 2007–08 campaign, E.ON was a key sponsor of Dutch Eredivisie winners PSV Eindhoven.

Since 2021, E.ON has supported Veloce Racing in the electric off-road competition series Extreme E. In 2024, it elevated its involvement by becoming the title sponsor, leading to the team’s rebranding as E.ON Veloce Racing.

Nottingham Forest revealed E.ON as their official training kit partner starting with pre-season activities in July 2023. This development builds upon a collaboration initiated in 2021, featuring branding across all men's and women's first-team training apparel.

Arts

From 1998 through 2014, E.ON along with its predecessor VEBA contributed more than €30 million ($41 million) to support the Museum Kunstpalast, located near their Düsseldorf base. In 2014, to continue financing the museum, E.ON auctioned off Jackson Pollock's Number 5 (Elegant Lady) (1951), which had been part of their collection since 1980. The acquisition of this artwork was originally overseen by Ulrich Hartmann, then head of VEBA’s corporate board office, marking the beginning of E.ON’s art collection that eventually exceeded 1,800 pieces.

E.ON is also a sponsor of Brain Bar, an annual festival held in Budapest that centers on innovation and future technologies.

Facilities

• Elbe Crossing 1
• Elbe Crossing 2
• GKK Etzenricht
• Baltic Cable (operated in partnership with Baltic-Cable AB)

See also

• European Transmission System Operators
• Gesellschaft für Nuklear-Service
• Power to gas
• Scroby Sands wind farm