E.ON Sets Ambitious Expansion Goals

Germany’s largest energy provider E.ON has set its sites on expanding through further purchases and investing more in the development of electricity networks and utilities. Compared to the previous year, the Düsseldorf-based company plans to increase by €5 billion ($6.6 billion) its total investments to equal €18.7 billion. In the upcoming two years, the firm plans on spending €12.6 billion in modernizing electrical lines and updating power stations, E.ON’s CEO Wulf Bernotat said on Friday. “Our goals are ambitious, but they’re realistic,” he added. For its Germany business, the company plans to expand its coal and gas units. E.ON said the investment in other forms of energy are a natural response to Germany’s plans to phase out nuclear power plants by 2020.