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Business

E.ON Announces Massive Investment Plans

The leading German energy group, E.ON, announced on Friday a massive expansion drive in Europe with a budget of €13.8 billion ($16.8 billion) for takeovers and other investments in the next two years. The company revealed that it has budgeted to spend €5.1 billion on takeovers but hinted that this figure could be increased. The group would spend €8.7 billion on investment in equipment to improve its gas and electricity networks and to protect the environment from the effects of electricity production. Central Europe investment has been forecasted at €5.4 billion while the company also raised the possibility of investments in gas production in Russia and in the North Sea.