If renewables replace nuclear, Germany’s biggest utility will quit

Dive Summary:

E.ON, Germany’s largest gas, electric and water utility powerhouse, is threatening to relocate to Turkey as Germany's Chancellor Angela Merkel pledges to wipe out Germany’s nuclear power by 2020 and replace it with renewable energy sources.
With new legislation in place, renewables have priority access to the grid and, over time, fossil-fuel generated electricity will be used to only fill grid shortfalls.
But E.ON has suffered a financial hit in the process. The second quarter, the company’s net profit fell by 22% due to crippled demand. At the same time, German utility RWE announced it plans to close six power plants.

From the article:

“At the moment, E.ON’s plants ‘are working for nothing,’ raged chief executive Johannes Teyssen last week, who is eyeing other closure scenarios and a possible relocation to Turkey where the group already has a solid presence.”