German energy giant E.ON is splitting in two and plans to train its efforts on renewable energy.
The energy group announced today it will divide its green energy generation and distribution efforts, including customer solutions, from a new company made up of its trading, oil exploration work and fossil fuel-burning power plants.
The move is prompted by a “dramatically altered global energy market”, said the firm in a statement.
By “clearly separating” power and gas production and trading from its customer-facing businesses, which have roughly 33 million customers, E.ON claimed this will make both “even more transparent” for regulators.
Chief Executive Johannes Teyssen said: “These two missions are so fundamentally different that two separate, distinctly focused companies offer the best prospects for the future.”