RWE's Attractive Assets Mix Is Neglected by the Market

After splitting off its networks and retail businesses into Innogy in October 2016, RWE retained its conventional generation and commodities businesses, along with a 77% share of Innogy. Under a large asset swap with E.On, RWE sold its stake in Innogy to the latter while retaining Innogy’s renewables business, receiving E.On's renewables division as well as a 15% stake in E.On. The deal was completed in 2020. The rationale was stronger for RWE, which doubled its renewable capacity and became the second-largest global offshore wind firm.