E.ON, Germany’s largest utility, is moving from a traditional integrated utility company, to a customer-centric energy solutions company.
In 2012 the company continued building on its strategy and focused solely on viable businesses and markets. It continued selling assets and entered Brazilian and Turkish markets through local partnerships. E.ON’s recent forays into renewables and the Russian markets now generate nearly 1 billion euros in profits.
The company reported a $2.85 billion profit in 2012 reversing a loss from the previous year. The financial performance was lifted by renegotiated gas contracts in its wholesale gas business and also higher generation capacity in Russia.
However with its primary operations in Europe, the company continues to grapple with challenges, including new taxes in Sweden, Italy, Spain, and Hungary, and Germany’s nuclear-fuel tax.
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