E.ON, Europe's giant utility operator, plans to invest $46 billion in a grid overhaul and expansion to accommodate renewable energy projects. The company's profit guidance is soaring, and its shares have reached a six-week high. E.ON aims to modernize Europe's grid and take in power sources from solar and wind. Analysts believe that E.ON will benefit greatly from the current operating environment.
Europe ’s giant utility operator, German E.ON , said on Wednesday it was targeting a massive $46 billion in investment in five years for a grid overhaul and expansion to accommodate renewable energy projects as the company’s profit guidance soars. Shares in E.ON popped to an almost six-week high on Wednesday following the company’s bullish forecast and its plans to raise its five-year investment target by 27% to modernize Europe ’s grid. Shares were trading up 6.53% at 1246 p.m.
ET on Wednesday, and are up 3.41% year-to-date, with investors also eyeing its attractive dividend yield of 4.32%. E.ON services an estimated 47 million customers, and is now tasked with overhauling the continent’s grid to take in power sources from solar and wind. 'E.ON will be a major beneficiary of the current strong operating environment. In our view today's medium-term outlook will be a major re-rating catalyst,' Reuters quoted Barclays analysts as sayin
E.ON Utility Investment Grid Overhaul Renewable Energy Profit Shares Europe Solar Wind
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