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Post the IPO of innogy RWE now owns 76.8% of innogy which it treats as a financial asset. Prior to the agreed deal with E.ON RWE was almost a financial holding company whose main asset was innogy, but which also has generation and trading activities throughout Europe. Post the transaction it will be a full fledged operating company again with a large and flexible generation fleet. It will also be the number three renewables player in Europe, behind Iberdrola and Enel. RWE's current conventional (non-renewable) generation business is the largest electricity producer in Germany, where in 2017 it generated some 129TWh (down from 130TWh in 2016). Total RWE generation was 202TWh, down from 216TWh in 2016. On a consolidated basis electricity sales in 2017 were down slightly at 261TWh (from 265TWh in 2016), with innogy electricity sales comprising 206TWh of the total (the rest in Trading/Gas Midstream). Gas sales were down 4% at 254TWh (from 265TWh) with 227TWh being sold by innogy. (12 Apr 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 ..

RWE: Mine Delay To Hit 2019 Results

Worth Watching: 08 Oct 2018, 9:45 AM ET - RWE (Baa3/NR/BBB) announced on Friday afternoon, 5 October, that the surprise decision of the Munster High Court to delay the forest clearance that was part of the operating plan for the Hambach open cast lignite mine will have a low triple-dig ..

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.

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.

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 ..

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 ..

innogy: Thoughts On Issuance and E.ON Deal

Company Analysis: 23 Apr 2018, 10:08 PM ET - We met recently with the innogy Head of Finance. Despite the uncertainties facing the company innogy has an annual refinancing need of €1-2 bn and is considering the timing of its next bond.

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 

RWE/E.ON/innogy: Post Deal Rating Action

Worth Watching: 14 Mar 2018, 10:17 PM ET - RWE/E.ON/innogy : In what we regard as a knee jerk reaction to a complicated deal, Moody's has placed its Baa2 ratings on E.ON and innogy, and its Baa3 rating on RWE on review for downgrade. Fitch, which has generally rated the companies a not ..

RWE/E.ON: Taking The Elevator

Company Analysis: 13 Mar 2018, 10:15 PM ET - We listened to the E.ON and RWE calls following their announcement of an agreement on the sale of innogy to E.ON. Overall, we like the deal and maintain our Market perform view on both E.ON and RWE.

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