Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Germany
  4. Xetra
  5. E.ON SE
  6. News
  7. Summary
    EOAN   DE000ENAG999

E.ON SE

(EOAN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Germany's ambitious energy plan hinges on speed, industry warns

11/25/2021 | 03:13pm EST
FILE PHOTO: Workers install solar panels on a roof near Berlin

FRANKFURT (Reuters) - Germany's next government must double down on its efforts to put an ambitious energy roadmap into law or risk missing renewable targets to offset an accelerated exit from coal, industry groups in the country said on Thursday.

The comments by leading utilities and industry associations highlight the need to cut down on red tape and create better conditions for investments after the renewables expansion in Europe's top economy has slowed in recent years.

The coalition parties on Wednesday presented plans to exit coal power ideally by 2030, instead of 2038, and significantly speed up the availability of renewables to meet 80% of rising power demand by then.

Last year, coal accounted for 27% of the mix while renewables stood at 45.5%.

"The early coal phase-out can only happen if we make coal-fired power generation obsolete," said Kerstin Andreae, head of utility association BDEW, which represents power firms including E.ON, RWE and Uniper.

Andreae said the government's very ambitious plan required the installation of 100-130 gigawatt (GW) of onshore wind by 2030, or 25-38 turbines per week.

In 2020 the weekly average was eight turbines.

To fix the bottleneck, Germany wants to implement simpler approvals, reserve 2% of land for wind power and also use every roof possible for solar panels to more than triple photovoltaic capacity to 200 GW by 2030.

Offshore wind capacity is now targeted to reach 30 GW by 2030, 10 GW more than previously planned.

"It is now a matter of implementing the plans quickly and creating the conditions for private investments in the conversion," said Christian Bruch, CEO of Siemens Energy. "We have no time to lose."

The coalition expects power demand to hit 680-750 terawatt hours a year by 2030 due to digitisation, electric car demand and the need to devote green power to producing hydrogen from wind and solar power via electrolysis.

The new target is up as much as a third from anticipated demand in 2021.

DVGW, the association for gas and water, welcomed the plans for hydrogen electrolysis to be scaled up to 10 GW by 2030, but stressed that out of the primary energy Germany uses, only 20% was electric.

The remaining 80% are coal, oil and gas that provide energy for industry processes, transport and heating buildings.

"The lion's share has not been addressed," DVGW chief Gerald Linke said.

The deal envisages that new gas-to-power plants, ready for hydrogen, are built to partly replace nuclear and coal-burning power plants, and that green hydrogen is ushered in after a transformation away from fossil gas.

Linke said the gas industry needed assurances that gas pipelines could be converted to transport hydrogen, that hydrogen imports would be scaled up alongside production, and that carbon capture and storage from gas becomes acceptable.

"If we don't work on these areas, the coalition deal is too ambitious," he said.

(Reporting by Vera Eckert; Additional reporting by Tom Kaeckenhoff;Editing by Elaine Hardcastle)

By Vera Eckert


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
E.ON SE -1.19% 11.92 Delayed Quote.-2.23%
RWE AG -2.47% 35.12 Delayed Quote.-1.68%
SIEMENS AG -4.90% 137.44 Delayed Quote.-9.98%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 1.78% 16.58 Delayed Quote.-21.31%
UNIPER SE -1.67% 38.83 Delayed Quote.-7.11%
All news about E.ON SE
01/20Nordic wind power output hits record high
RE
01/19CEO Says E.ON Feels 'Great Burden' of Absorbing Clients from Collapsed Energy Providers..
MT
01/19E.ON takes on new energy customers as smaller rivals collapse
RE
01/18Grid operator Amprion says power supply gaps can be plugged
RE
01/18E.ON chief executive says EU taxonomy threatens gas plant plans
RE
01/18UK Explores Payments to Energy Companies to Protect Customers From Soaring Prices, the ..
DJ
01/17E.ON SE acquired a 25% stake in Horizon Energy.
CI
01/13E.ON SE : Notification and public disclosure of transactions by persons
EQ
01/13EON AG : Gets a Neutral rating from UBS
MD
01/13E.ON to Buy 25% Stake in Horisont Energi as Companies Agree on Carbon-Capture Deal
DJ
More news
Analyst Recommendations on E.ON SE
More recommendations
Financials
Sales 2021 62 459 M 70 628 M 70 628 M
Net income 2021 1 910 M 2 160 M 2 160 M
Net Debt 2021 37 969 M 42 935 M 42 935 M
P/E ratio 2021 14,8x
Yield 2021 4,11%
Capitalization 31 080 M 35 162 M 35 145 M
EV / Sales 2021 1,11x
EV / Sales 2022 1,02x
Nbr of Employees 76 086
Free-Float -
Chart E.ON SE
Duration : Period :
E.ON SE Technical Analysis Chart | EOAN | DE000ENAG999 | MarketScreener
Technical analysis trends E.ON SE
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 11,92 €
Average target price 12,49 €
Spread / Average Target 4,81%
EPS Revisions
Managers and Directors
Leonhard Birnbaum Chairman-Management Board
Marc Spieker Head-Investor Relations
Karl-Ludwig Kley Chairman-Supervisory Board
Markus Nitschke Head-Technology & Innovation, Sustainable Cities
Karen Maria Alida de Segundo Member-Supervisory Board
Sector and Competitors
1st jan.Capi. (M$)
E.ON SE-2.23%35 162
NATIONAL GRID PLC1.81%53 563
SEMPRA-0.48%43 079
ABU DHABI NATIONAL ENERGY COMPANY PJSC-1.52%40 100
ENGIE1.21%37 131
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED-1.93%33 091