RWE-E.ON asset swap (2018-2020)
Germany's two largest utilities, RWE and E.ON, executed a complex asset swap: E.ON took the retail and grid businesses of RWE's renewable subsidiary Innogy, while RWE took the renewables and conventional generation assets of both companies. The deal restructured roughly €40 billion in assets and reshaped European power generation along functional lines.
RWE emerged as a generation-focused company with Europe's largest renewables pipeline and a major fleet of gas and lignite plants. E.ON became a pure-play grids and retail company.
Set the template for splitting integrated utilities into 'asset-heavy generation' and 'customer/network' businesses, and concentrated dispatchable thermal generation in fewer hands.
TTEP repeats the underlying logic — concentrating dispatchable capacity in a specialist vehicle — but does it across borders and with a private holder rather than two listed utilities.