News

Frank Mastiaux heading new E.ON renewables business
€3 billion investment by 2010 planned
 
E.ON aims to expand its renewable energy activities significantly in the coming years and will be establishing a business specifically for this purpose. From October 2007, E.ON’s future renewables and climate protection business will be headed by Frank Mastiaux (43), an experienced energy manager with an international track record. Mastiaux is currently responsible for the global liquefied petroleum gas business (LPG) at BP in London and has already held numerous management positions at BP, Aral and Veba Oel. He has a Ph.D. in Chemistry and will be building the business together with Cord Landsmann (38) and Michael Lewis (40) who have been recruited internally. With the exception of large hydroelectric power, all of E.ON’s existing renewable activities will be pooled, as well as international climate protection projects under the flexibility mechanisms of the Kyoto protocol, i.e. Joint Implementation (JI) and the Clean Development Mechanism (CDM).

The mission of the new business is to expand E.ON’s electricity generation from renewable sources both within and beyond E.ON’s existing markets. E.ON will be investing €3 billion by 2010, mainly in offshore wind power. In this period E.ON is planning to increase capacity in wind power by more than 500 MW. Further offshore wind power projects are also being planned, including the largest wind farm in the world with around 1,000 MW at the Thames estuary.

By enhancing renewables and developing power plants with lower CO2 emissions E.ON is growing its electricity business while at the same time complying with more stringent climate protection targets.
In the long-term, i.e. by 2030, E.ON aims to halve its specific carbon dioxide emissions against 1990. E.ON is dedicated to taking a leading international role in climate protection in the future and is committed to supporting the EU target of generating at least 20 percent of primary energy from renewables by 2020.

About EC&R
E.ON Climate & Renewables (EC&R) is responsible for activities of the E.ON group in renewable energy sources and environmental protection around the world. Tapping renewable energy sources offers enormous alternatives, both from a business perspective and for the environment. E.ON Climate & Renewables will invest over €6 billion in renewable energy and environmental protection projects by 2010 to expand the share of renewable energy sources in the E.ON portfolio for the long term. E.ON has thus taken a leading role in developing renewable energy sources worldwide. For more information, see www.eon.com.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Annual Report on Form 20-F, in particular to the discussion included in the sections entitled "Item 3. Key Information: Risk Factors", "Item 5. Operating and Financial Review and Prospects", "Item 11. Quantitative and Qualitative Disclosures about Market Risk"). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.