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E.ON

E.ON was the largest integrated German utility, but was split into two businesses, E.ON and unregulated Uniper. The E.ON business now comprises networks, mainly in Germany & Sweden, Customer Services, mainly in the UK & Germany, and Renewables (onshore and offshore wind, and solar). In its current form, at the end of 2017 E.ON operated some 6GW of renewable capacity of which just over 1GW was offshore. The Customer Solutions business had 21 mn customers & sold 134TWh of power & 141 TWh of gas. Non-core PreussenElektra had a net nuclear capacity of 3,808MW. E.ON has announced an agreement to acquire RWE's 77% stake in renewables, and network company innogy. As part of a complex transaction E.ON will transfer the renewable businesses to RWE and will become the largest European network company with a RAB of €37 bn, some 50 million customers and the nuclear business of PreussenElektra. Germany will remain the biggest single market a RAB of €20 bn and some 14 million customers. (12 Oct 2018)

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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

innogy/SSE: May Look To Strengthen New SupplyCo

Worth Watching: 08 Nov 2018, 10:03 PM ET - innogy/SSE : innogy (Baa2/BBB) and SSE (A3▼/A-▼) have both issued statements saying that they have entered into discussions and are working together on potential changes to the commercial terms of the merger of the SSE and npower (innogy) UK s ..

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

innogy/SSE: Retail Merger Gets CMA Clearance

Worth Watching: 10 Oct 2018, 4:46 AM ET - innogy/SSE : On 10 October the UK Competition and Markets Authority (CMA) announced that it had given final clearance to the merger of the UK retail supply businesses of innogy (Npower) and SSE. The CMA gave provisional clearance at the end of A ..

UK Utilities: Price Cap Relief

Worth Watching: 06 Sep 2018, 9:38 AM ET - UK Utilities : On 6 September Ofgem released its delayed consultation document on the UK tariff cap: and the market breathed a sigh of relief. I am currently out of the office on holiday and so any exhaustive analysis will need to wait until my ..

innogy/SSE: Retail Merger - Initial OK From CMA

Worth Watching: 30 Aug 2018, 6:00 AM ET - innogy/SSE : The UK Competition and Markets Authority (the CMA) has given preliminary clearance to the planned merger between the UK supply businesses of npower (owned by innogy) and SSE. This preliminary decision follows the in depth enquiry l ..

RWE 1H18: In-Line, But Some Renewable Visibility

Earnings Note: 14 Aug 2018, 9:55 PM ET - RWE 1H18 results were as expected but the company also posted a presentation giving some visibility on the combined innogy/E.ON renewable portfolio. 

innogy 1H18: Going Through The Motions

Earnings Note: 12 Aug 2018, 8:38 PM ET - innogy 1H18 results were as expected and the company reconfirmed its full year outlook. Unfortunately innogy will not exist in two years and so unless results are wildly different from expectations they do not really mean much. Retain M/P.
Focused

E.ON: Generally Uneventful 1H18

Worth Watching: 08 Aug 2018, 9:47 AM ET - E.ON (Baa2/BBB): In our view the E.ON 1H18 results were generally uneventful. The company could have provided details on how it intended to progress with the innogy transaction, having only secured a stake of 86.2% rather than the 90% required ..
Focused

E.ON: Fails To Get 90% of innogy

Worth Watching: 30 Jul 2018, 12:33 PM ET - E.ON (Baa2/BBB) announced on 30 July that it had completed the additional offer period of its voluntary public takeover offer for innogy (Baa2/BBB), and as a result now holds 86.2%. This includes the 76.8% purchased from RWE and another 9.4% te ..
Focused

innogy: Supports E.ON/RWE Transaction

Worth Watching: 19 Jul 2018, 3:57 AM ET - innogy (Baa2/BBB) announced after market close last night that it had reached agreement with E.ON and RWE on a fair integration process of innogy into E.ON and that it now supports the planned transaction, including supporting it in the capital ..

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

innogy: Is My Green Bond Still Green?

Company Analysis: 07 Jun 2018, 9:44 PM ET - We see a number of possible options for the innogy green bond but in our view the most likely outcome is that the proceeds will be reallocated to eligible network projects that will move to E.ON.

innogy: New Issue - A Leap Of Faith

IG Note: 23 May 2018, 5:04 AM ET - innogy is in the market with a dual tranche new issue, 4.5 year and 8 yr. We would be buyers of the 4.5 year down to MS+55 bps and of the longer dated down to MS+85.
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E.ON/RWE/innogy: Moody's Affirms Ratings

Worth Watching: 21 May 2018, 5:03 AM ET - E.ON/RWE/innogy : Moody's has affirmed ratings on the three major German utilities, E.ON (now rated Baa2/BBB), RWE (now rated Baa3/BBB [Moody's/Fitch]) and innogy (now rated Baa2/BBB/BBB+▼) following the announcement of E.ON's agreement to purc ..

innogy: E.ON Offer Fair, But No Recommendation

Worth Watching: 11 May 2018, 5:56 AM ET - innogy (Baa2▼/BBB) has concluded that the offer being made to the innogy minority shareholders is fair, with opinions from three investment banks to back this up. However, given the extensive rearrangement of businesses proposed under the t ..
Focused

E.ON 1Q18: Says innogy Holdouts May Get Less

Earnings Note: 08 May 2018, 10:58 PM ET - E.ON used its 1Q18 results to inform (warn?) innogy minority shareholders that if they did not tender they could possibly end up having to accept a compensation payment lower than the offer value.

innogy/SSE: CMA Launches In-Depth Enquiry

Worth Watching: 08 May 2018, 4:54 AM ET - innogy/SSE : On 8 May the CMA (the UK Competition and Markets Authority) announced that it had referred the proposed merger of the SSE UK retail business with that of innogy's (Npower) for an in-depth, Phase 2 investigation. The decision follow ..
Focused

E.ON: Launches Formal Offer For innogy

Worth Watching: 27 Apr 2018, 5:28 AM ET - E.ON (Baa2▼/BBB) has launched its formal offer to innogy shareholders following the agreement with RWE announced in March. The offer, which includes the 2017 dividend of €1.6/share approved at the innogy AGM on 24 April 2018, as well as the ..

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