E.ON 2.0: Uniper in Düsseldorf and New E.ON in Essen

As of 1 January 2016 E.ON spin-off Uniper will start operations at the current E.ON headquarters in Düsseldorf managed by long-term E.ON manager and CFO Klaus Schäfer. The new company will encompass conventional power generation, energy trading, and exploration and production. E.ON CEO Johannes Teyssen will continue to head the company that wants to focus on renewables, energy networks, and customer solutions. Michael Sen, currently CFO of Siemens Healthcare, will become E.ON’s CFO effective June 1, 2015. Headquarters will be in Essen.

In late November last year, E.ON announced the spin-off, saying it was responding to “dramatically altered global energy markets, technical innovation, and more diverse customer expectations”. Impairment charges, most of which had already been announced in December 2014, led to a net loss attributable to shareholders of EUR 3.2 billion in 2014, E.ON said in March 2015, adding that the charges were recorded chiefly at E.ON’s generation business in the United Kingdom, Sweden, and Italy. Yet E.ON’s German conventional business activities have also proven difficult in the past since conventional energy has to compete with state supported renewable energy. In late March 2015 E.ON informed the Federal Network Agency (BNetzA) of its plans to take the high-efficiency combined-cycle gas turbine (CCGT) power plants Irsching 4 and 5 offline effective 1 April 2016 as they are no longer profitable.

Dr. Leonhard Birnbaum, who is already serving on the management board of E.ON, will oversee the development of new products and innovative solutions as well as the renewables business as Chief Markets Officer (CMO) for the future E.ON, joining Mr Teyssen and Mr Sen on the board. Dr. Bernhard Reutersberg, also presently member of the management board, will be responsible for the existing sales and distribution network businesses in E.ON’s various national markets in his new capacity as Chief Regions Officer (CRO).

Christopher Delbrück, presently CEO of E.ON Global Commodities, will be Uniper’s new CFO. He used to be CFO of E.ON Energy Trading and E.ON Ruhrgas which were merged into E.On Global Commodities in 2013. Eckhardt Rümmler, who’s currently CEO of the E.ON’s conventional and renewable power business, will be Chief Operating Officer (COO) and oversee Uniper’s technical assets, in particular its conventional power plants and gas storage facilities. The position of a Chief Commercial Officer (CCO), who will be responsible for all marketing activities and for global energy trading, will be filled in the months ahead, E.ON said.

The name Uniper stands for “unique performance”. It was suggested by an employee and emerged as the winner over the roughly 3,000 ideas considered, E.ON said.

The legal groundwork for the new setup shall be laid in the second half of the year. At the 2016 Annual Shareholders Meeting on June 8, 2016, the E.ON Management Board will ask shareholders to approve spinning off a majority stake in Uniper to E.ON shareholders.

Source: E.ON

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