by Claude Crampes & Thomas-Olivier Léautier
On Monday 12 September 2016, the German energy giant E.ON listed on the Frankfurt stock exchange a company called Uniper, following its decision to focus on its “green” activities (i.e. renewable energies, energy networks and customer services) and to entrust Uniper with the more traditional electricity generation business from hydro, gas and coal stations. Less than a month later, on Friday 7 October 2016, it was the turn of the other major German energy company – RWE – to split itself into two, by listing on the stock market Innogy, which regroups its “green” activities. These splits are evidence of the major transformation of the electricity industry over the last 20 years, and they anticipate the major changes of the future. This blog post looks back at the first and considers a few areas of discussion for the second.