E.on CEO demands realignment of energy transition - report

(SeeNews) – May 29, 2013 - Johannes Teyssen, CEO of German utility E.on SE (ETR:EOAN), considers that the current structure of the energy turnaround in Germany fails to reach the main goals of the turnaround so a realignment is necessary, news agency Reuters reported yesterday evening citing Teyssen as saying.

Teyssen said that the transition has so far led to higher electricity prices, lower supply security and rising CO2 emissions.

E.on's CEO, who is renowned for his sharp tongue, expects "quite hot" debates over the future energy policy after the government elections in September.

He considers that the renewable energy must be dragged out of its cubbyhole and enter the market.

Moreover, Teyssen demanded a reconsideration of the problem with hydraulic fracturing, or fracking, for shale gas extraction. He said the matter should not be "demonised as a precaution" and pointed out that the US secures three times cheaper gas to its chemical and energy industry than in Germany through fracking. The CEO added that E.on itself does not plan to resort to fracking.

Teyssen also does not expect Germany to return to nuclear energy after the decision of a quick phase-out. Yet, he criticised once again the haste of the phase-out and the poor coordination with other European countries.

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