The German firm Innogy is now planning to spend up to €1.2 billion on e-mobility, photovoltaics and glass fibre networks by the year 2019, according to a recent public statement on the matter.
This €1.2 billion figure is already factored into Innogy’s existing investment plans — which call for a total of €6.5 billion to €7 billion to be spent in total during the 2017 through 2019 time period — according to a spokesperson for the company.
“In the long run, having a positive figure on the bottom line is no longer sufficient for a business segment. If we want to be viable in the future as a company, we need to be among the best,” explained Innogy CEO Peter Terium.
Mr Terium noted in his comments that there would be no taboos as far as the means of becoming “among the best” in the future. Presumably, that comment is a reference to the embrace of new energy technologies, even if at the possible expense of legacy business expectations. I suppose that we’ll have to wait to find out how accurate that speculation is, though.
Reuters provides more: “Laying out details of its corporate strategy, Innogy also said it would strengthen its portfolio via acquisitions and divestments, adding it would dispose of units where it is not leading in terms of market share and margins by 2025.
“Having been carved out from parent RWE and separately listed on the stock exchange last year, Innogy now focuses on gas and power networks, renewables and energy retail. RWE still holds a 76.8 percent stake.”
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