E.ON said that in the 2008-10 period alone, it plans to invest roughly E50 billion. The firm said that E38 billion of this figure is earmarked for power generation and supply.

The company is currently planning to build 17 new coal-fired and gas-fired power plants in Europe and Russia, five of which are in Germany. E.ON plans to double its planned renewables investments to E6 billion for the 2007-10 period.

Wulf Bernotat, CEO, said: Our investments in state-of-the-art power plants, renewables, energy infrastructure and gas procurement will help secure Europe’s energy future.