Germany's two largest energy generators, E.ON and RWE, are battling to stay in the black as the Energiewende (transition to green energy) has left them out in the cold.
E.ON, Germany's biggest power supplier, said Tuesday its net profit more than trebled in the first six months after it struck a price deal with Russian gas giant Gazprom and despite Germany phasing out nuclear power.
The downsizing of one of Germany's leading energy companies could be much more devastating than previously expected. E.ON may be considering cutting up to 10,000 jobs worldwide.
E.ON, Germany's biggest power group, said Wednesday that it will sell its British electric grid business Central Networks to the US group PPL for €4.7 billion ($6.5 billion).