Energie: Schulden, Image, Doppelstrukturen – Warum Eon jetzt sparen will

Eon, the German energy company, is focusing on streamlining its organization and reducing costs in an effort to improve profitability. The company's leadership, under Leo Birnbaum, has expressed concerns about the country's bureaucracy culture, which he believes promotes complexity and delegated responsibility, leading to longer procedures and higher costs.

To address these issues, Eon has partnered with McKinsey to develop a cost-cutting program called "Polaris." Financial experts are uncertain about the purpose of the program, with some questioning whether Eon has been operating efficiently or if there is a specific reason for implementing this initiative now. The company plans to invest 48 billion euros in expanding its power grid infrastructure by 2030, but this investment comes with increased challenges, such as the need to finance growing debt through bonds.

According to portfolio manager Thomas Deser, rising debt levels are becoming increasingly scrutinized by investors, as Eon remains committed to paying dividends and investing in growth. Eon's stock has lost some of its appeal since March this year, with the company's growth potential considered limited in comparison to other energy giants like RWE.

The German government regulates the earnings-netzbetreiners can generate, ensuring that consumers, both households and industries, are not burdened with excessive network fees. The Federal Network Agency determines the price of network services every five years, with the next adjustment coming in 2029. As the cost of expanding and maintaining power grids continues to rise, competition for essential components in the network also increases, driving up prices.

Eon's management is concerned about the outcome of the Federal Network Agency's decision, as a lower cost structure could improve their earnings. The company has been quietly preparing for this cost-cutting program since the beginning of the year, but insiders suggest that sister companies of Eon are also being encouraged to implement similar measures.