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Market News

 August 07, 2007
E.ON to Invest $3 Billion in Renewables by 2010

 E.ON aims to expand its renewable energy activities significantly in the coming years and will be establishing a business specifically for this purpose. 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.