EON Banks on Renewables in Split From Conventional Power

EON SE, Germany’s largest utility, will break itself up, spinning off fossil-fuel power plants into a separate company to focus on renewable energy.

The plan is the most radical response yet to Germany’s unprecedented switch to wind and solar power. The so-called energy shift has forced EON and its peers to close nuclear reactors and undermined power prices, decimating the profitability of traditional utilities.