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E.ON integrates trading and gas business in new global unit
E.ON Global Commodities SE launched today
New unit optimizes the E.ON Group's power and gas portfolio
E.ON SE is merging its two units for energy trading and global gas business. The new company known as E.ON Global Commodities SE (EGC) is based in Düsseldorf and is being entered in the commercial register today. EGC combines the main activities of the predecessor companies E.ON Energy Trading SE (already called EGC since 1 March 2013) and E.ON Ruhrgas AG. The roughly 1,500 employees at present will centrally control E.ON's market risks on global trading markets and optimize the Group's portfolio which, following the integration of E.ON Ruhrgas AG, now also includes the long-term gas supply contracts, pipelines and gas storage facilities.
E.ON Board member Jørgen Kildahl stresses the significance of the new unit for the E.ON Group: "E.ON Global Commodities controls the market risks for E.ON and is thus of key importance to our risk management. This repositioning enables us to be much more effective on global markets. EGC will play a major part in implementing our international strategy outside Europe."
Klaus Schäfer, EGC CEO: "The name E.ON Global Commodities reflects our present activities as well as our ambitions. We are already operating on global energy markets to optimize E.ON's portfolio. Looking ahead, we are planning stronger trading activities in the US and in Asia. The new company allows us to pool our expertise and makes us more efficient."
The EGC Board of Management includes – as in the predecessor companies – Klaus Schäfer (CEO), Christopher Delbrück (CFO), Gareth Griffiths (CCO Merchant Trading) and Egbert Laege (CCO Asset Optimization). Stefan Vogg and Achim Saul, members of the E.ON Ruhrgas AG Board of Management, are stepping down as of 2 May. However, their areas of responsibility in the E.ON Group are largely unchanged. Stefan Vogg is CEO of E.ON Vertrieb Deutschland GmbH and member of the Board of Management of E.ON Deutschland and thus remains in charge of E.ON's sales business in Germany. The wholesale business of former E.ON Ruhrgas AG will be transferred with immediate effect to the EGC subsidiary E.ON Energy Sales GmbH and will be managed as hitherto by E.ON Vertrieb Deutschland. Achim Saul will be CEO of E.ON Ruhrgas International GmbH and E.ON Ruhrgas Portfolio GmbH.
Source: E.ON - May 2, 2013
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