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E.On doubles down on green investment to extend lead in ‘new energy world’

Germany’s E.On has said it plans to invest significantly to expand its position in the “new energy world”, taking the company into its “next phase” of development.

This morning the company confirmed that it had finished the first half of 2017 with a significantly stronger balance sheet than expected, freeing up cash to both increase its dividend and enable further investment into a new strategy that has seen E.On turn its back on more conventional energy sources.

Last year E.On spun out its conventional energy business – now called Uniper – to focus on just three core business units; energy networks, customer solutions and renewables.

“…we want to invest in sustainable growth and thus to expand our leading position in the new energy world. This will make E.ON an even more attractive investment. Our targeted investments and numerous new products will help give our customers more value and opportunities in a more successful energy transition,” E.On chief executive Johannes Teyssen said this morning.

Earlier this year Teyssen said that E.On wanted to be a “pacesetter” in a future, digitalised energy market and would invest accordingly.

More specific information regarding its accelerated strategy investment is to be revealed within the company’s 2017 results disclosure, due out early next year. Teyssen did however hint at a renewed focus on efficiency and renewable generation.

“We’ll focus on our strong customer base and its interests. We offer our customers more efficient networks, new energy solutions, and competitive renewables. Our sustainable business models will deliver increasing earnings, which will benefit our investors as well,” he said.

E.On also provided numerous updates regarding the performance of more of its core business units, including news that it was now “actively responding” to what has been labelled a “growing need” to both expand and modernise its networks for the energy transition.

This is to include further growth in digitalisation of the grid, comprising the roll-out of further preventative maintenance software and digital planning systems which have made E.On’s networks division more efficient.

The company has too referenced significant growth in its consumer-facing solar division, boasting six-fold growth in its native Germany. E.On extended its solar-plus-storage offer to British shores earlier this year with much fanfare, including a multi-channel promotional push leveraging its relationship with broadcaster BSkyB and a partnership with pop band Gorillaz