E.on Strategy and Keyfigures 2009

Strategy & Key Figures 2009
Strategy & Key Figures 2009
E.ON Energy Trading

Dsseldorf
E.ON Ruhrgas
Essen
E.ON Climate & Renewables

Dsseldorf
E.ON Nordic
Malm
E.ON UK
Coventry
E.ON Russia Power
Moscow
E.ON AG
Dsseldorf
E.ON U.S.
Louisville
E.ON Energie
Munich
E.ON Espaa
Madrid
E.ON Italia
Milan
Content
3
4
6
E.ON Group
Strategy & Investment Plan
Key Figures
21
Central Europe Market Unit
53
Pan-European Gas Market Unit
81
U.K. Market Unit
95
Nordic Market Unit
111
U.S. Midwest Market Unit
127
128
146
164
New Market Units

New Markets: Russia, Italy, Spain
Climate & Renewables Market Unit
Energy Trading Market Unit
Group Structure
Central Europe MU
Pan-European Gas MU
E.ON Energie AG,

Munich
E.ON Ruhrgas AG,

Essen
Russia MU
U.K. MU
E.ON Russia Power,

Moscow
E.ON UK plc,
Coventry
Corporate Center
E.ON AG
Dsseldorf
Italy MU
E.ON Italia,
Milan
Nordic MU
E.ON Nordic AB,
Malm
Spain MU
U.S. Midwest MU
E.ON Espaa,
Madrid
E.ON U.S. LLC,

Louisville
MU = market unit.
Climate & Renewables MU
Energy Trading MU
E.ON Climate & Renewables GmbH,

Dsseldorf
E.ON Energy Trading AG,

Dsseldorf
4
4
5
5
6
6
8
9
10
10
11
12
13
14
14
15
15
16
17
18
19
19
20

Strategic Direction
20092011 Investment Plan
Strict Strategic and Acquisition Criteria
Key Figures
Consolidated Balance Sheets
Consolidated Statements of Income
Sales and Adjusted EBIT
Return on Capital Employed (ROCE) and Value Added
ROCE and Value Added by Segment
Investments by Segment
Employees by Segment
E.ON Stock Information
Dividend Policy
Share Buyback Program
Shareholders Structure
ADR Program
Operating Cash Flow and Funds from Operations
Financial Strategy
Fiunding Policy and Access to Debt Capital Markets
Debt Profile
E.ON Bond Maturity Profile
E.ON Bonds
E.ON Group
E.ON Group
E.ON Group Strategy & Investment Plan

Strategic Direction
E.ON key beliefs about sustainable success in the
energy industry
In line with these beliefs, E.ON pursues a clear and

focused business model
1. Presence along the entire value chain
Focus on:
Were active along the entire value chain in power and gas,
with operations upstream (power generation and natural
gas production), midstream (energy imports and wholesale),
and downstream (end customer supply). This enables us to
operate efficiently and to capitalize on our comprehensive
market knowledge, in turn creating value across our businesses.
2. Power and gas convergence
E.ON has completed a phase of significant external growth.

Consequently, the current priorities lie with performance,
portfolio streamlining and an investment plan strongly focused
on organic growth. Our group-wide performance project
PerformtoWin will deliver up to 1.5 billion EBIT by 2011. Portfolio streamlining measures are expected to generate at
least 10 billion of divestment proceeds in 20092010. From
20092011, 30 billion investments are foreseen, of which
about two thirds are for growth, in particular generation,
renewables as well as gas upstream and supply.
Power and gas markets are converging upstream (more gasfired generation), midstream (cross-commodity energy trading), and downstream (increasing popularity of dual-fuel
products). Our superb position in all three segments provides
us with synergy and growth potential.
3. Strong market positions

In liberalized markets, scale and strong market positions give
us a key competitive edge and create a solid foundation for
ensuring security of supply.
4. Growth
In the future, our markets in Northwestern Europe will grow
at moderate pace. Thats why were seizing opportunities for
above-average growth in Southern Europe and adjacent
regions like Russia.
5. Value from experience

Our extensive expertise in all facets of the energy business is
an invaluable competitive advantage, one that we leverage
fully by sharing best practices across our organization.
6. Market and competition

Open, competitive markets are the best guarantee for energy
security and efficiency. An integrated European energy market
offers E.ON the best environment for expanding our market
positions and achieving organic growth in new regions.
For all our operations, we focus on selective investments and
acquisitions that meet our strict strategic and financial criteria. We believe that you need a clear idea of where youre
going in order to get there.
Power and gas.

Presence along the entire value chain up-, mid- and
downstream.
Geographic focus on Europe and the U.S.
E.ONs short- and mid-term focus
20092011 Investment Plan
Priorities Set for 20092011 Investment Plan

in billions
~60 bn for 20072010

~30 bn for 20092011
20
10
12.7
6.6 OGK-4,
renewables
6.1
2007
26.2
4.4 Statkraft
12.9 11.5 for
Viesgo &
selected
Endesa
8.9 assets
~13
~2.5
~10
~9
~8
2008
2009
2010
2011
~60 bn of investments for 20072010

Expansion in renewables, Italy, Spain, France and
Russia completed
Portfolio optimization initiated with Statkraft
asset swap
Growing organic investments
~30 bn investment for 20092011
Around 9 bn of organic investments per year
Around 2.5 bn of asset swaps (not cash-effective)
20072010 investment ambitions fulfilled
20092011 investments of ~30 bn confirmed
Strict Strategic and Acquisition Criteria

Strategic criteria
E.ONs commitment
If individual assets do not contribute in line with financial

and strategic expectations, E.ON will take concrete portfolio
measures by 2010.
Market attractiveness (returns, growth, regulation,

country risk).
Target attractiveness (asset quality, market position,
management quality).
Value creation potential (cost reduction, integration
benefits, transfer of best practice).
Acquisition criteria
Value enhancing over project lifetime.

Earnings enhancing in the first full year after acquisition.1
1Applicable
to acquisitions of companies with relatively mature/stable business.
E.ON Group Strategy & Investment Plan
Key Figures
Consolidated Balance Sheets
E.ON AG and Subsidiaries Consolidated Balance SheetsAssets

December 31
in millions
Goodwill
Intangible assets
Property, plant and equipment
2008
2007
17,166
16,761
6,749
4,284
56,526
48,552
Companies accounted for under the equity method
8,981
8,411
Other financial assets

Equity investments
Non-current securities
8,823
3,806
5,017
21,478
14,583
6,895
Financial receivables and other financial assets
2,451
2,449
Operating receivables and other operating assets
1,295
680
Income tax assets
1,988
2,034
Deferred tax assets
2,457
1,155
Non-current assets
106,436
105,804
Inventories
4,774
3,811
Financial receivables and other financial assets
2,101
1,515
31,342
17,973
Trade receivables and other operating assets

Income tax assets
1,515
539
Liquid funds
Securities and fixed-term deposits
Restricted cash and cash equivalents
Cash and cash equivalents
6,348
2,125
552
3,671
7,075
3,888
300
2,887
Assets held for sale

Current assets
Total assets
4,529
577
50,609
31,490
157,045
137,294
Key Figures
E.ON AG and Subsidiaries Consolidated Balance SheetsEquity and Liabilities

December 31
in millions
Capital stock
2008
2007
2,001
1,734
Additional paid-in capital
13,741
11,825
Retained earnings
22,164
26,828
110
10,656
Accumulated other comprehensive income

Treasury shares
3,549
616
1,053
34,467
49,374
Minority interests (before reclassification)
4,538
6,281
Reclassification related to put options
578
525
3,960
5,756
Equity
38,427
55,130
Financial liabilities
25,036
15,915
Operating liabilities
6,063
5,432
Income taxes
2,602
2,537
Provisions for pensions and similar obligations
3,559
2,890
19,198
18,037
Reclassification related to put options on treasury shares

Equity attributable to shareholders of E.ON AG
Minority interests
Miscellaneous provisions
Deferred tax liabilities
6,515
7,555
Non-current liabilities
62,973
52,402
Financial liabilities
16,022
5,549
Trade payables and other operating liabilities
32,060
18,254
Income taxes
2,153
1,354
Miscellaneous provisions
4,260
3,992
Liabilities associated with assets held for sale
1,150
613
55,645
29,762
157,045
137,294
Current liabilities
Total equity and liabilities
E.ON Group Key Figures
Consolidated Statements of Income
E.ON AG and Subsidiaries Consolidated Statements of Income

in millions
Sales including electricity and energy taxes
2008
2007
88,885
70,761
Electricity and energy taxes
2,132
2,030
Sales
86,753
68,731
Changes in inventories (finished goods and work in progress)

Own work capitalized
Other operating income
27
22
526
517
15,454
7,776
Cost of materials
66,419
50,223
Personnel costs
5,130
4,597
Depreciation, amortization and impairment charges
6,890
3,194
20,337
9,724
Other operating expenses

Income/Loss () from companies accounted for under the equity method
Income/Loss () from continuing operations before financial results and income taxes
Financial results
Income from equity investments
Income from other securities, interest and similar income
Interest and similar expenses
Income taxes
Income/Loss () from continuing operations
Income/Loss () from discontinued operations, net
Net income
Attributable to shareholders of E.ON AG
Attributable to minority interests
Adjusted net income
962
1,147
4,946
10,455
2,351
458
1,159
3,052
772
179
1,035
1,986
863
2,289
1,732
7,394
128
330
1,604
1,266
7,724
7,204
338
520
5,598
5,115
Key Figures
Sales and Adjusted EBIT
Sales
in millions
2007 (total: 68,731)
2008 (total: 86,753)
32,029
Central Europe
41,135
22,745
Pan-European Gas
27,422
12,584
11,051
U.K.
3,339
3,877
Nordic
1,819
1,880
U.S. Midwest
Energy Trading
31,760
252
New Markets
5,862
4,037
36,234
Corporate
New Markets
Center
30,000
20,000
10,000
10,000
20,000
30,000
40,000
Adjusted EBIT
in millions
2007 (total: 9,208)
2008 (total: 9,878)
4,670
4,720
Central Europe
2,576
2,631
Pan-European Gas
1,136
U.K.
922
670
770
Nordic
388
395
U.S. Midwest
Energy Trading
645
7
New Markets
90
239
295
Corporate Center
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
10
Return on Capital Employed (ROCE) and Value Added
E.ON Group ROCE and Value Added

in millions
2008
2007
Adjusted EBIT
9,878
9,208
Goodwill, intangible assets, and property, plant, and equipment
80,441
69,597
+ Shares in affiliated and associated companies and other share investments
12,787
22,994
4,774
3,811
+ Inventories
+ Accounts receivable
13,599
9,064
+ Other non-interest-bearing current assets, including deferred income and deferred tax assets
29,527
13,317
Non-interest-bearing provisions
Non-interest-bearing liabilities, including deferred expenses and deferred tax liabilities
Adjustments
7,784
9,807
50,543
31,349
1,664
9,692
Capital employed in continuing operations (at year-end)
81,137
67,935
Capital employed in continuing operations (annual average)
76,363
63,287
ROCE
12.9%
14.5%
Cost of capital
9.1%
9.1%
Value added
2,902
3,417
1Non-interest-bearing
provisions mainly include current provisions, such as those relating to sales and procurement market obligations. They do not include provisions for
pensions or for nuclear-waste management.
2Capital employed is adjusted to exclude the mark-to-market valuation of other share investments (including related deferred tax effects) and operating liabilities for certain
purchase obligations to minority shareholdings pursuant to IAS 32. The adjustment to exclude the mark-to-market valuation of other share investments applies primarily to
our shares in Gazprom.
3In order to better depict intraperiod fluctuations in capital employed, annual average capital employed is calculated as the arithmetic average of the amounts at the beginning of the year, the end of the year, and the balance-sheet dates of the three interim reports. Capital employed in continuing operations amounted to 68,046 million,
80,949 million, and 83,746 million at March 31, June 30, and September 30, 2008, respectively.

Central Europe
in millions
2008
2007
Pan-European Gas1
2008
2007
U.K.
2008
Nordic
2007
2008
2007
Adjusted EBIT
4,720
4,670
2,631
2,576
922
1,136
770
670
Capital employed
19,310
18,943
17,594
17,130
10,101
12,368
6,948
6,886
= ROCE
24.4%
24.7%
15.0%
15.0%
9.1%
9.2%
11.1%
9.7%
Cost of capital
9.2%
9.3%
8.8%
8.8%
9.8%
9.5%
9.3%
8.8%
Value added
2,935
2,917
1,091
1,062
71
37
125
62
1Capital
employed is adjusted to exclude the mark-to-market valuation of other share investments. This applies primarily to our shares in Gazprom.
Key Figures
11
ROCE and Value Added by Segment (continued)

U.S. Midwest
in millions
2008
Adjusted EBIT
Energy Trading
New Markets
2007
2008
2007
Corporate Center
2008
2007
2008
20072
E.ON Group
2008
2007
395
388
645
90
295
232
9,878
9,208
Capital employed
6,537
6,780
868
15,596
591
1,180
76,363
63,287
= ROCE
14.5%
6.0%
5.7%
74.3%
0.6%
12.9%
Cost of capital
8.7%
7.8%
9.2%
10.4%
9.1%
9.1%
Value added
176
142
565
1,528
2,902
3,417
2For
2007, the Corporate Center segment also includes the New Markets segment.
Investments by Segment
Cash-Effective Investments
2007 (total: 11,306, thereof outside Germany: 9,058)
2008 (total: 18,406, thereof outside Germany: 15,415)
in millions
2,581
Central Europe
3,188
2,424
Pan-European Gas
1,215
1,364
1,162
U.K.
914
939
Nordic
690
650
U.S. Midwest
Energy Trading
207
New Markets
3,305
3,126
Corporate
New Markets
Center
7,939
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
12
Employees by Segment
Employees1
2007 (total: 87,815)
44,051
44,142
Central Europe
12,214
Pan-European Gas
9,827
16,786
17,480
U.K.
5,826
5,804
Nordic
3,110
2,977
U.S. Midwest
Energy Trading
885
5,424
New Markets
9,214
559
Corporate
New Markets
Center2
3,054
474
474
Discontinued
operations3
0
1Figures
2008 (total: 93,538)
5,000
10,000
15,000
do not include apprentices, managing directors, and board members.

2Includes E.ON IS in 2008.
3Contains WKE.
20,000
25,000
30,000
35,000
40,000
Key Figures
13
E.ON Stock Information
Weighting of E.ON Stock in Major Indices

As of December 30, 2008
DAX
10.38
Dow Jones EURO STOXX 50
4.14
Dow Jones STOXX Utilities
17.58
Type of shares
Ordinary shares with no par value/Registered shares
Stock codes
Germany
WKN ENAG99
ISIN DE000ENAG999
USA1
Cusip No. 268 780 103
Stock symbols
Reuters
FSE
EONGn.F
Xetra EONGn.DE
ADR2 EONGY.PK
Bloomberg
FSE
EOAN GF
Xetra EOAN GY
ADR EONGY US
Stock Price at Year-End

per share
1In
22.35
29.13
34.28
48.53
28.44
2004
2005
2006
2007
2008
the United States, E.ON shares trade in the over-the-counter market (OTC market)
via ADR.
code.
2OTC
40
30
20
10
E.ON Stock Key Figures1

per share
2004
2005
2006
2007
2008
Earnings attributable to the shareholders of E.ON AG
2.20
3.75
2.82
3.69
0.68
1.84
2.22
2.82
3.01
Earnings from adjusted net income

Dividend
0.78
0.92
1.12
1.37
1.50
Dividend payout ( in millions)
1,549
4,6142
2,210
2,560
2,857
Twelve-month high
22.35
29.64
34.80
48.69
50.93
Twelve-month low
16.42
21.50
27.37
32.02
23.50
Year-end closing price
22.35
29.13
34.28
48.53
28.44
Number of shares outstanding (in millions)
1,977
1,977
1,979
1,895
1,905
44.2
57.6
67.6
92.0
54.2
16.97
22.50
24.62
26.06
18.10
Market capitalization3 ( in billions)

Book value4
Market-to-book ratio5 (percentage)
132
129
139
186
157
E.ON stock trading volume6 ( in billions)
46.1
62.5
92.5
136.2
119.2
877.7
5.3
1,095.8
5.7
1,539.3
6.0
2,350.9
5.8
2,029.6
5.9
Trading volume of all German stocks ( in billions)

E.ON stocks share of German trading volume (percentage)
1Adjusted
for discontinued operations; figures prior to 2006 calculated according to U.S. GAAP.
special dividend of 1.42 per share.
on ordinary shares outstanding.
4Shares attributable to the shareholders of E.ON AG.
5Year-end stock price expressed as a percentage of book value per share (excluding minority interests).
6On all German stock exchanges, including Xetra.
2Includes
3Based
14
Dividend Policy
Commitment to payout ratio between 50 percent
and 60 percent of adjusted net income
Strong Increase of Dividends
per share
Ordinary dividend
0.67
0.78
0.92 + 1.42
1.12
Special dividend
1.37
Payout ratio (%)

1.50
CAGR 17.5%
2.00
1.00
2003
47
49
47
2004
2005
2006
Ordinary dividend increased by 9.5 percent to 1.50 per

share for 2008.
Since 2003 the dividend has increased by 17.5 percent
per year on average.
Payout ratio 2008: 51 percent.
Share Buyback Program

In June 2007, E.ON began a 7 billion share buyback program
with the aim of making E.ONs capital structure more efficient.
E.ON repurchased about 3.5 billion worth of E.ON shares
in 2007 and another 3 billion between January 1 and December 3, 2008. Due to the ongoing financial crisis, E.ON decided
to suspend the share buyback to maintain the highest degree
of flexibility.
51
51
2007
2008
Key Figures
15
Shareholders Structure
Shareholders Structure1
Germany: 26.6%
Outside Germany: 66.7%
Not identified 6.7%

Retail investors 0.2%
outside Germany3
26.5% USA & Canada2
Retail investors 11.3%

Germany3
Germany3 15.3%
Rest of World2 4.4%
Rest of Europe2 12.9%
1Based
on free float of 1,904,530,366 shares.

Reuters (as of March 31, 2009).
register (as of May 31, 2009).
2Thomson
3Share
A current survey identified 93.3 percent of the free float.

According to the survey, institutional investors of 40 countries
hold 81.8 percent; retail shareholders hold 11.5 percent.
ADR Program
E.ON shares trade in the United States in the over-the-counter
market (OTC market) via ADR. The OTC code is EONGY.
E.ONs ADR program gives U.S. investors the opportunity to buy
E.ON shares and hold share certificates that are essentially
like American shares. ADR are quoted in dollars, a significant
advantage for U.S. investors. Dividends are also paid in dollars.
ADR holders have the same rights and obligations as ordinary
shareowners. They can attend and vote at Shareholders
Meetings, participate in profits, and receive information.
The price of one E.ON ADR matches that of one E.ON share.
Detailed information on E.ONs ADR program is available
from JPMorgan at www.adr.com.
14.9% U.K.2
5.8% France2
2.0% Switzerland2
16
Operating Cash Flow and Funds from Operations

Strong operating cash flow generation
The core energy business generates a strong and stable

cash flow.
Cash provided by operating activities was 23 percent

lower in 2008 than in 2007. The decrease was due to the
accumulation of emission rights positions at the Groups
trading operations, and to negative effects from the gas
storage usage at the Pan-European Gas market unit,
amongst other things.
E.ON Operating Cash Flow and Funds from Operations 2008
in millions
2008
Net income
1,604
Income from discontinued operations, net

Depreciation, amortization and impairment of intangible assets and of property, plant and equipment
Changes in provisions
Changes in deferred taxes
Other non-cash income and expenses
Gain/Loss on disposal of
Intangible assets and property, plant and equipment
Equity investments
Securities (>3 months)
Changes in operating assets and liabilities and in income taxes
Inventories
Trade receivables
Other operating receivables and income tax assets
Trade payables
Other operating liabilities and income taxes
Cash provided by operating activities of continuing operations (operating cash flow)
Changes in operating assets and liabilities and in income taxes
128
6,890
635
1,056
229
1,407
362
877
168
285
1,454
4,616
10,172
515
15,442
6,738
285
thereof changes in mark-to-market valuation of commodity derivatives

(used to protect operating business, included mainly in other operating liabilities and income taxes)
2,176
Funds from Operations (FFO)
9,199
Key Figures
17
Financial Strategy
The E.ON Groups financial strategy has four key elements:
E.ONs target rating is single A flat/A2. This target rating

allows for an efficient capital structure while ensuring our
access to financing.
To manage our capital structure we use a steering metric

called debt factor. Debt factor is our economic net debt
divided by adjusted EBITDA. Economic net debt includes
not only our financial liabilities but also our provisions
for pensions and asset retirement obligations. We have
defined 3 as our target debt factor, which is derived from
our target rating.
We actively manage E.ONs capital structure. We use debt

factor to continually monitorand if necessary, adjust
our capital structure. If our debt factor is significantly
above 3, strict investment discipline will be called for.
In the case of strategically important investments, we
would have to utilize alternative funding concepts in the
form of portfolio measures or capital increases. If it
becomes apparent that our debt factor will fall and remain
significantly below 3, we will return more capital to our
shareholders, for example through higher dividend payments or share buybacks. But we will always give priority
to value-enhancing investments.
Our target dividend payout ratio remains at between

50 and 60 percent of adjusted net income.
Economic Net Debt

December 31
in millions
2008
2007
Liquid funds
6,348
7,075
Non-current securities
5,017
6,895
Total liquid funds and non-current securities
11,365
13,970
Financial liabilities to banks and third parties
39,095
19,357
Financial liabilities to Group companies
1,963
2,107
Total financial liabilities
41,058
21,464
Net financial position
29,693
7,494
Fair value (net) of currency derivatives used for financing transactions1

Provisions for pensions
Asset retirement obligations
Less prepayments to Swedish nuclear funds
Economic net debt
Adjusted EBITDA
1,988
706
3,559
2,890
14,839
15,034
1,157
1,280
44,946
23,432
13,385
12,450
Debt factor
3.4
1.9
Pro forma debt factor
3.2
1.9
1Does
not include transactions relating to our operating business or asset management.
18
Funding Policy and Access to Debt Capital Markets

Funding policy
Our funding policy is designed to give E.ON access to a

variety of funding resources at any time.
Generally, external funding is carried out by E.ON AG or

via our Dutch finance subsidiary E.ON International
Finance B.V. under guarantee of E.ON AG, and the funds
are on-lent as needed within the Group.
The funding policy is based on the following principles:

Using a variety of markets and debt instruments to
maximize the diversity of our investor base.
Issuing bonds with terms that give our debt portfolio a
broadly balanced maturity profile.
Combining large-volume benchmark issues with
smaller issues, promissory notes (Schuldscheindarlehen) or private placements that take advantage of
market opportunities as they arise.
Ready access to banks and debt capital markets
Committed syndicated credit line

7.5 billion, 364 days tranche, for general corporate
purposes (as of year-end 2008: no amounts outstanding).
5.0 billion, 5 years tranche (maturing in 2011), for
general corporate purposes (as of year-end 2008: no
amounts outstanding).
Existing capital market programs

10 billion commercial paper program and US$10 billion
commercial paper program (as of year-end 2008:
7.3 billion equivalent outstanding under both programs).
30 billion debt issuance program (as of year-end
2008: 23.1 billion outstanding).
In the first quarter of 2009 E.ON issued 6.1 billion in new

bonds denominated in euros, sterling, and Swiss francs.
Key Figures
19
Debt Profile
Financial Liabilities to Banks and Third Parties

in billions
E.ON AG &
E.ON International Finance B.V.
Market units & other
E.ON Group
24.0
1.3
25.3
Commercial paper
7.3
7.3
Bank loans/others
2.8
3.7
6.5
34.1
5.0
39.1
Bonds
Total
E.ON Bond Maturity Profile

The graph below shows the maturity profile of all bonds of
E.ON International Finance B.V. and E.ON AG.
Maturity Profile of Outstanding Bonds of E.ON International Finance B.V. and E.ON AG
in millions
As of May 31, 2009
4,000
3,000
2,000
1,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021+
20
E.ON Bonds
The following table gives an overview of all bonds issued or
guaranteed by E.ON AG. Typically E.ON International Finance
B.V. issues bonds, guaranteed by E.ON AG.
Issuer: E.ON International Finance B.V.1

Volume in original
currency (millions)
Term in years
Maturity
Coupon (%)
EUR
1,000
25.11.2010
4.750
CHF
200
17.12.2010
3.000
CHF
500
25.02.2011
2.000
EUR
750
08.09.2011
5.000
EUR
750
2.5
30.11.2011
2,500
GBP
500
10
29.05.2012
6.375
CHF
2502
24.09.2012
3.250
Currency
EUR
1,750
02.10.2012
5.125
CHF
250
11.12.2012
3.875
EUR
750
26.03.2013
4.125
EUR
1,500
07.05.2013
5.125
CHF
300
07.05.2013
3.625
GBP
350
27.01.2014
5.125
EUR
1,750
28.01.2014
4.875
11.02.2014
3.375
CHF
5253
EUR
1,000
06.06.2014
5.250
CHF
225
17.12.2014
3.250
EUR
1,250
08.09.2015
5.250
EUR
1,500
19.01.2016
5.500
EUR
900
15
29.05.2017
6.375
EUR
2,3754
10
02.10.2017
5.500
USD
2,000
10
30.04.2018
5.800
GBP
600
12
30.10.2019
6.000
GBP
250
~10.5
30.10.2019
6.000
EUR
1,4005
12
07.05.2020
5.750
GBP
9756
30
07.06.2032
6.375
GBP
900
30
30.10.2037
5.875
USD
1,000
30
30.04.2038
6.650
GBP
700
30
27.01.2039
6.750
1Listing:
All bonds are listed in Luxembourg, except for CHF bonds which are listed at the SWX Swiss Exchange.
bond was increased from an initial CHF200 million to CHF250 million.
bond was increased from an initial CHF400 million to CHF525 million.
4The bond was increased in two steps from an initial EUR1,750 million to EUR2,375 million.
5The bond was increased from an initial EUR1,000 million to EUR1,400 million.
6The bond was increased from an initial GBP850 million to GBP975 million.
2The
3The
In addition, E.ON AG and E.ON International Finance B.V.

have issued private placements with a total volume of
approximately 2.3 billion as well as promissory notes
(Schuldscheindarlehen) with a total volume of nearly

1.4 billion. Furthermore, E.ON AG issues commercial paper
on a regular basis.
E.ON Group
22
23
24
25
26
27
27
28
29
30
31
35
36
37
38
39
40
41
42
43
44
45
46
48
49
50
51
52
Introduction
Market Overview Germany
Business Activities
2008 Sales
Power and Gas Activities in Europe
Business Activities along the Value Chain
2008 Power Procurement and Sales Volume
Location of Major Generation Assets
Generation Capacity by Sources
Generation Output by Sources
Generation Assets
Provisions for Nuclear Power
Transmission System of E.ON Netz
German Power Imports and Exports
Integration of Wind Energy into the Grid
Distribution System in the German Power Market
Distribution System in the German Gas Market
Activities in the German Sales MarketPower
Activities in the German Sales MarketGas
Activities in the Netherlands
Activities in France
Activities in Switzerland
Central Europe EastActivities in the Power Market
Central Europe EastActivities in the Gas Market
Power Customers in Europe
Composition of Power Prices in Germany
Composition of Power Prices
Key Figures
Central Europe
Market Unit
21
22
Introduction
The Central Europe market unit is led by E.ON Energie. E.ON
Energie, which is wholly owned by E.ON, is one of the largest
non-state-owned European power companies in terms of
electricity sales. E.ON Energie had revenues of 41.1 billion,
33.3 billion of which was generated from German customers,
and an adjusted EBIT of 4.7 billion in 2008. E.ON Energies core
business consists of the ownership and operation of power
generation facilities, the transmission and distribution grid and
the sale of electricity and, to a lesser extent, gas and heat, in
Germany and Continental Europe. It is one of the four interregional electric utilities in Germany that are interconnected in
the western European power grid.
E.ON Energie is embarking on a significant program to build

new generating capacity in many of the countries in which it
operates:
In 2008, construction of the 800 MW natural gas plant at

Livorno Ferraris, Italy, was completed. The power plant
has started commercial operations and has been transferred to the new Italy market unit.
Construction is underway on new facilities at Irsching,

Germany (a 530 MW advanced natural gas plant to be
built in cooperation with Siemens AG, scheduled to
begin operations in 2011, and a new 800 MW combinedcycle gas-fired plant, which is scheduled to begin operations in 2011), Datteln, Germany (a 1,100 MW hard coal
plant, scheduled to begin commercial operation in 2011)
and Maasvlakte, Netherlands (a 1,100 MW hard coal
plant, scheduled to begin operations in 2012).
Construction was also started on two 400 MW gas-fired

combined-cycle power plants in Gny, Hungary, and
Malzenice, Slovakia, that are expected to start commercial operation at the end of 2011 and beginning of 2010,
respectively.
Furthermore construction is underway on two new 400 MW

gas-fired combined-cycle units on the power plant site
Emile Huchet, France, scheduled to begin commercial
operation in 2010.
In addition, E.ON Energie plans to build new plants at

the location of Staudinger, Germany (a 1,100 MW hard
coal plant) and in the harbor port of Antwerp, Belgium
(a 1,100 MW hard coal plant), if all requirements are met.
E.ON Energie also plans to build the worlds first large
coal-fired power plant with a target efficiency of more
than 50 percent and a capacity of about 550 MW in Wilhelmshaven, Germany.
23
Number of companies
Major utilities
Regional and national distributors
70
Large municipal utilities
24
Local utilities
Local utilities
Local utilities
Customers
Source: BDEW 2006.
Central EuropeElectricity Market

Billion kWh
Germany
Power supplied
as of Dec. 31, 2008
304
France
Benelux
25
Czech Republic
13
Slovakia
Hungary
16
Romania
Bulgaria
Central EuropeGas Market

Billion kWh
Germany
Gas supplied
as of Dec. 31, 2008
101
France
10
Benelux
Czech Republic
Hungary
Source: E.ON.
4
12
>800
24
Business Activities1
E.ON AG
E.ON Energie AG
100%
Leading entity for the management and coordination of the market units activities
Centralized strategic, controlling and service functions
Central Europe West Non-regulated
Central Europe West Regulated
Conventional Power Plants

E.ON Kraftwerke GmbH (100%)
Power generation by conventional power plants
District heating
Industrial power plants
Transmission
E.ON Netz GmbH (100%)
Operation of high-voltage grids (380 kilovolt110 kilovolt)
System operation, including provision of regulating and balancing power
E.ON Benelux Holding B.V. (100%)

Power generation by conventional power plants in the
Netherlands
District heating in the Netherlands
Sales of power and gas in the Netherlands
Distribution of Electricity and Gas

Six regional utility companies and one regional grid company
(TEN Thringer Energienetze GmbH) across Germany
(shareholding percentages range from 53% to 100%)
Distribution of electricity and gas to retail customers
Socit Nationale dElectricit et de Thermique S.A. (SNET) (65%)

Power generation by conventional power plants in France
Sales of power in France
Central Europe East
Nuclear Power Plants

E.ON Kernkraft GmbH (100%)
Power generation by nuclear power plants
E.ON Hungria Energetikai ZRt. (100%)

Generation, distribution and sales of electricity and gas in
Hungary through its group companies
Hydroelectric Power Plants

E.ON Wasserkraft GmbH (100%)
Power generation by hydroelectric power plants
E.ON Czech Holding AG (100%)

Generation, distribution and sales of electricity and gas in the
Czech Republic through its group companies
Waste Incineration
E.ON Energy from Waste AG, formerly BKB AG, renamed in 2008 (100%)
Energy generation from waste incineration
E.ON Romnia S.R.L. (20.4%)4

Distribution and sales of electricity and gas in Romania through
its group companies
Sales of Electricity, Gas and Heat

E.ON Vertrieb Deutschland GmbH2
Providing sales service and management activities for E.ON
Energy Sales GmbH and six regional sales companies
Sales service and management for E WIE EINFACH Strom & Gas
GmbH
E.ON Bulgaria EAD (100%)

Distribution and sales of electricity in Bulgaria through its group
companies
E.ON Energy Sales GmbH (100%)

Supply of electricity and energy services to large industrial
customers, as well as to regional and municipal distributors
Centralized wholesale functions
Six regional sales companies and one regional utility company
(E.ON Thringer Energie AG) across Germany
(shareholding percentages range from 53% to 100%)
Sales of electricity, gas, heat and water to retail customers
Energy Support Services
E WIE EINFACH Strom & Gas GmbH (100%)
Sales of electricity and gas to residential customers and small
and medium enterprises across Germany
E.ON Slovensko a.s. (100%)

Generation, distribution and sales of electricity in Slovakia
through its group companies (which are valued under the equity
method, given E.ON Slovenskos minority interest in those
companies)
Other/Services
E.ON Engineering GmbH (57%)5
Provision of consulting and planning services in the energy sector
to companies within the Group and third parties
Marketing of expertise in the area of conventional and renewable
power generation and cogeneration, as well as a pipeline business
E.ON Facility Management GmbH (100%)
Infrastructure services
Ruhr Energie GmbH (100%)

Customer service and electricity and heat supply to utilities and
industrial customers in the Ruhr region
E.ON France S.A.S. (52.4%)3
Sales of electricity and gas in France via subsidiary
E.ON Energie S.A.S.
1As
of December 31, 2008.

of the seven regional utility companies (excluding E.ON
Thringer Energie AG) own stakes of 10 percent each. 40 percent
are directly held by E.ON Energie AG.
3The remaining 47.6 percent is held by E.ON Ruhrgas AG.
4Managed by E.ON Energie; total share: 90.2 percent
(69.8 percent held by E.ON Ruhrgas International AG).
5The remaining 43.0 percent interest is held by E.ON Ruhrgas AG.
2Six
25
2008 Sales
Significant Market Positions
One of Europes leading utility companies.

A leading power supplier in Germany.
Substantial position in Germanys gas distribution
market.
Strong position as international power supplier, active
particularly in the Netherlands, France, Hungary, Czech
Republic, Bulgaria, Romania and Slovakia.
Central EuropeSales by Business Area

in billions
Total: 41,135
Other/
Consolidation
2.504
Central Europe
East
4.999
Central Europe West

Regulated
12.103
Central Europe West

Non-Regulated
26.537
-2
10
12
14
16
18
20
22
24
26
26
Power and Gas Activities in Europe
Netherlands
Belgium
Germany
Czech
Republic
Slovakia
Hungary
France
Switzerland
Romania
Bulgaria
Key Figures Overall Market Power1
Key Figures Overall Market Gas
Central Europe
shareholdings
Overall market2
Central Europe
shareholdings
Overall market1
Power supplied
376 billion kWh
791 billion kWh
Gas supplied
130 billion kWh
1,602 billion kWh
19.0 million
76 million
3 million
32 million
54,000 km
185,000 km
Customers
Transmission system
length (110 kV)
Attributable
generation capacity
Generation output
1Region
2Some
28,749 MW
179,000 MW
138 billion kWh
600 billion kWh3
Bulgaria, Czech Republic, Germany, Hungary, Netherlands, Romania, France.

data for eastern Europe is only available for former years (without France).
figures only Germany and Netherlands.
3Overall
Customers
1Source
eurogas (Czech Republic, Germany, Hungary, Netherlands).
27
Generation
Transmission
Distribution

Retail
Power
Gas
Upstream
non-regulated
Midstream
Downstream
regulated
2008 Power Procurement and Sales Volume1

Sales partners
101.7 billion kWh
Own generation
138.3 billion kWh
Wholesale market/
Energy Trading
145.7 billion kWh
Power procured
389.7 billion kWh
Industrial and
commercial customers
82.0 billion kWh
Power supplied
376.2 billion kWh
Residential and
SME customers
46.8 billion kWh
Other suppliers2
251.4 billion kWh
Transmission losses,
pumped storage
13.5 billion kWh
Procurement
1Excluding
24.5
trading operations, which are recognized net under IFRS.

billion of this is derived from jointly operated power stations.
Sales volume
28
Netherlands
Germany
France
Hungary
Nuclear power station

Hard-coal-fired power station
Lignite-fired power station
Oil-fired power station
Gas-fired power station
Waste incineration
Hydroelectric power station
As of December 31, 2008.
29
Attributable Power Generation Capacity1

MW
2008
2007
2006
Nuclear
8,548
8,548
8,473
Hard coal
10,180
8,565
8,546
Lignite
1,314
1,314
1,315
Natural gas
4,356
5,258
5,118
Oil
1,145
1,145
1,153
Hydro
2,811
3,153
3,113
395
216
214
28,749
28,479
28,172
Nuclear
8,548
8,548
8,473
Hard coal
7,475
7,466
7,461
Lignite
1,314
1,314
1,315
Natural gas
3,269
4,219
4,121
Oil
1,145
1,145
1,153
Hydro
2,811
3,153
3,113
289
406
367
Germany
24,851
26,251
26,003
Hard coal
1,066
1,066
1,052
830
808
810
Others
Central Europe
Others
Natural gas
Other renewables
E.ON Benelux
Oil/gas
Other
E.ON Hungary
1,902
1,880
1,868
230
95
95
138
92
232
233
187
115
114
Hard coal
1,531
E.ON France
1,531
Other plants
233
1As
30
Power Generation Output1

GWh
2008
2007
2006
Nuclear
62,062
62,214
62,766
Hard coal
45,388
42,461
39,839
Lignite
8,972
8,675
8,630
Oil/gas
9,503
9,293
8,411
Waste incineration
1,856
1,324
1,110
Hydro
7,777
7,281
7,292
Other renewables
1,256
1,775
1,599
Combined heat and power
1,458
1,466
1,629
32
42
29
138,304
134,531
131,304
Nuclear
62,062
62,213
62,766
Hard coal
33,908
35,921
33,309
Lignite
8,717
8,435
8,563
Oil/gas
5,275
5,568
4,580
Waste incineration
1,856
1,324
1,110
Hydro
7,725
7,232
7,225
Other renewables
1,256
1,775
1,599
1,458
1,466
1,629
Others
Central Europe
Others
43
29
Germany
122,259
123,977
120,808
Hard coal
7,211
6,540
6,531
Oil/gas
3,265
2,774
3,182
10,476
9,314
9,713
Oil/gas
963
951
649
E.ON Hungary
963
951
649
E.ON Benelux
Hard coal
Others
E.ON France
4,269
30
4,299
Lignite
255
240
67
Hydro
52
49
68
307
289
135
E.ON Czech
1As
31
Lignite-fired Power Stations

Central Europe share
Shareholders
Consolidation
Net MW
MW
Start-up date
Buschhaus
Lippendorf S
E.ON
352
100.0
352
1985
E.ON/EnBW
891
50.0
446
Schkopau
1999
E.ON/Saale Energie
900
55.6
500
1995
Others (<100 MW)

Total
33
17
2,176
1,314
Gas-fired Power Stations

Shareholders
Consolidation
Net MW
Burghausen
MW
Start-up date
E.ON
120
100.0
120
2001
Franken I/1
E.ON
383
100.0
383
1973
Franken I/2
E.ON
440
100.0
440
1976
GKW Weser/Veltheim 4 GT
E.ON/Stw. Bielefeld
400
66.7
267
1975
Huntorf
E.ON
321
100.0
321
1977
Irsching 3
E.ON
415
100.0
415
1974
Jena-Sd
E.ON/other
197
53
104
1996
Kirchlengern GT 1/2
E.ON/other
200
62.8
126
1980/2005
Kirchmser
E.ON
160
100.0
160
1994
Obernburg
E.ON/other
100
50.0
50
1995
Staudinger 4
E.ON
622
100.0
622
1977
Others (<100 MW)

Total Germany
451
261
3,809
3,269
Galilestraat
E.ON
209
100.0
209
1988
RoCa 31
E.ON
220
100.0
220
1996
Others (<100 MW)
401
401
Total Netherlands
830
830
4,639
4,099
Total
1Power
station operated by E.ON Benelux under long-term cross-border leasing arrangement.
Oil-fired Power Stations

Shareholders
Consolidation
Net MW
Ingolstadt 3
MW
Start-up date
E.ON
386
100.0
386
1973
Ingolstadt 4
E.ON
386
100.0
386
1974
Others (<100 MW)

Total
Consolidation
1: E.ON share
2: Full consolidation
3: Power procurement from non-consolidated jointly-owned power plants
4: Operations responsibility only; not consolidated
373
373
1,145
1,145
Generation Assets
32
Generation Assets
Hard-Coal-fired Power Stations

Shareholders
Consolidation
Net MW
Bexbach 1
Datteln 3
E.ON/Stw. Aachen
714
E.ON
113
Farge
E.ON
350
GKW Weser/Veltheim 3
E.ON/Stw. Bielefeld
Heyden
E.ON
Kiel
MW
Start-up date
8.3
59
1983
100.0
113
1969
100.0
350
1969
303
67.0
203
1970
875
100.0
875
1987
E.ON/Stw. Kiel
323
50.0
162
1970
Knepper C
E.ON
345
100.0
345
1971
Mehrum C
E.ON/Stw. Hanover,
Braunschw. Vers. AG
690
50.0
345
1979
Rostock
E.ON/RWE/VE
508
50.4
256
1994
Scholven B
E.ON
345
100.0
345
1968
Scholven C
E.ON
345
100.0
345
1969
Scholven D
E.ON
345
100.0
345
1970
Scholven E
E.ON
345
100.0
345
1971
Scholven F
E.ON
676
100.0
676
1979
Shamrock
E.ON
132
100.0
132
1957
Staudinger 1
E.ON
249
100.0
249
1965
Staudinger 3
E.ON
293
100.0
293
1970
Staudinger 5
E.ON
510
100.0
510
1992
Wilhelmshaven
E.ON
757
100.0
757
1976
Zolling
E.ON
449
100.0
449
1986
Others (<100 MW)

Total Germany
353
322
9,020
7,475
Maasvlakte 11
E.ON
532
100.0
532
1988
Maasvlakte 21
E.ON
534
100.0
534
1987
Total Netherlands
1,066
1,066
Emile Huchet 4
E.ON/EDF/CDF
115
65.0
75
1959
Emile Huchet 5
E.ON/EDF/CDF
330
65.0
215
1973
Emile Huchet 6
E.ON/EDF/CDF
600
65.0
390
1981
Hornaing 3
E.ON/EDF/CDF
240
65.0
156
1970
Lucy 3
E.ON/EDF/CDF
245
65.0
159
1971
Provence 4
E.ON/EDF/CDF
230
65.0
150
1967
Provence 5
E.ON/EDF/CDF
595
65.0
387
1984
Total France
Total
Other countries (<100 MW)
Total
1Power
stations operated by E.ON Benelux under long-term cross-border leasing arrangement.
Consolidation
1: E.ON share
2,355
1,532
12,441
10,074
216
108
12,657
10,182
Nuclear Power Stations

Shareholders
Consolidation
Net MW
Brokdorf
MW
Start-up date
E.ON/VE
1,410
80.0
1,128
1986
Brunsbttel
E.ON/VE
771
33.3
257
1976
Emsland
E.ON/RWE
1,329
12.5
166
1988
Grafenrheinfeld
E.ON
1,275
100.0
1,275
1981
Grohnde
E.ON/Stw. Bielefeld
1,360
83.3
1,133
1984
Gundremmingen B
E.ON/RWE
1,284
25.0
321
1984
Gundremmingen C
E.ON/RWE
1,288
25.0
322
1984
Isar 1
E.ON
878
100.0
878
1977
Isar 2
E.ON/SWM
1,400
75.0
1,050
1988
Krmmel
E.ON/VE
1,346
50.0
673
1983
Unterweser
E.ON
1,345
100.0
1,345
1978
Total
13,686
8,548
Hydroelectric Power Stations

Shareholders
Consolidation
Net MW
Braunau-Simbach
MW
Start-up date
E.ON/Verbund
100
50.0
50
1953
Happurg
E.ON
160
100.0
160
1958
Jochenstein
E.ON/Verbund
132
50.0
66
1955
Langenprozelten
E.ON
164
100.0
164
1976
Walchensee
E.ON
124
100.0
124
1924
Waldeck 1
E.ON
135
100.0
135
1931
Waldeck 2
E.ON
460
100.0
460
1974
Others (<100 MW)
1,789
1,652
Total
3,064
2,811
Others (Waste, Wind, Biomass et al.)

Waste
Wind, biomass et al.
Total
Consolidation
1: E.ON share
Total capacity
net MW
MW
338
243
90
54
428
297
33
34
Generation Assets
Transferred to Statkraft by December 31, 2008

Central Europe
Net MW
MW
Start-up date
Emden 4 (gas-fired)
433
100
433
1972
Robert Frank 4 (gas-fired)
491
100
491
1973
Erzhausen (hydroelectric)
220
100
220
1964
82
100
58
Hydroelectric power plant <100 MW and biomass

Total
1,226
1,202
Transferred to E.ON Climate & Renewables GmbH in 2008

Central Europe
Net MW
MW
Wind
302
210
Total
302
210
Start-up date
35

in billions
2008
2007
Non-contractual nuclear waste management obligations
9.16
9.71
0.79
0.78
8.37
8.93
Thereof advance payments made to reprocessors and to other waste management companies
Total
Contractual nuclear waste management obligations
Thereof advance payments made to reprocessors and to other waste management companies
Total
3.74
3.44
0.05
0.12
3.69
3.32
36
Transmission System of E.ON Netz1
Europe
Denmark
Sweden
Netherlands
Lehrte
Vattenfall
Europe
Transmission
(VET)
RWE
Transportnetz
Strom
Bamberg
Bayreuth
EnBW
Transportnetze
Czech Republic
Dachau
Austria
Company Headquarters
Operating center (BZ)
Main control center
Substation
RWE
Transportnetz
Strom
Austria
Total grid length: 43,000 km E.ON Energie Group in Germany

(including 110 kV lines of regional utilities).
Key Figures E.ON Netz 2008
Power Transmission System Length 2008

Kilometers
customers1
E.ON Netz GmbH
Customers
290 traders
Germany
Area
140,000 km2
Customers
1E.g.
1As
244 grid
regional or local energy distributors, major industry, power plants.
1The
220 kV
110 kV1
5,747
4,921
21,950
18,600
17,400
75,200
380 kV
110 kV is not depicted in the graphic.
37
German Power Imports and Exports
Denmark
Europe
9.2 billion kWh
1.4 billion kWh

2.5 billion kWh
Sweden
0.5 billion kWh
0.8 billion kWh

Netherlands
18.9 billion kWh
0.1 billion kWh

Poland
5.6 billion kWh
0.8 billion kWh

Luxembourg
Total import: 40.2 billion kWh

Total export: 62.7 billion kWh
5.3 billion kWh
7.9 billion kWh

Czech Republic
1.3 billion kWh
0.9 billion kWh
France
10.6 billion kWh
5.6 billion kWh
Austria
15.0 billion kWh
2.7 billion kWh
13.9 billion kWh

Switzerland
Import
Export
Source: BDEW, preliminary
figures as of 2008.
38
Integration of Wind Energy into the Grid
Wind Power Boom in Germany

Total installed capacity of wind power in Germany
MW
E.ON control zone
Other control zone
1,100
6,100
11,900
16,394
18,286
20,432
30,000
36,000
48,000
1995
2000
2002
2004
2005
2006
2010
2015
2020
40,000
30,000
20,000
10,000
Source: ISET, ENE, dena.
Wind Power in Figures

Installed capacity of wind power in Germany as of December 31
Thereof in E.ON control zone
Average wind power fed into E.ON control zone
Wind energy generation in Germany
Thereof in E.ON control zone
Compensation to be paid for electricity generated from wind energy
under the Renewable Energies Act (Germany)
Thereof to be borne by customers in the E.ON control zone
Source: Windreport E.ON Netz, BDEW.
2008
2007
26,620 MW
8,230 MW
20,432 MW
8,112 MW
n.a.
1,483 MW
40.2 billion kWh

37.7 billion kWh
30 billion kWh
13 billion kWh
n.a.
n.a.
approx. 2,660 million

approx. 1,150 million
39
Europe
E.ON Hanse
E.ON edis
E.ON Avacon
E.ON Westfalen Weser
TEN Thringer Energienetz GmbH
E.ON Mitte
E.ON Bayern
Central EuropeMajor Shareholdings

E.ON Hanse AG
73.8
E.ON Westfalen Weser AG
62.8
E.ON Mitte AG
73.3
E.ON edis AG
70.2
E.ON Avacon AG
65.8
TEN Thringer Energienetze GmbH

E.ON Bayern AG
53.0
100.0
Distribution System in the German Power Market
40
Distribution System in the German Gas Market
Europe
E.ON edis
E.ON Hanse
E.ON Avacon
E.ON Westfalen Weser
TEN Thringer Energienetz GmbH
E.ON Mitte
E.ON Bayern
E WIE EINFACH
Majority shareholdings
Gas supply of E.ON Hanse
in the supply area of E.ON edis

E.ON Hanse AG
73.8
E.ON Westfalen Weser AG
62.8
E.ON Mitte AG
73.3
E.ON edis AG
70.2
E.ON Avacon AG
65.8
TEN Thringer Energienetze GmbH

E.ON Bayern AG
53.0
100.0
41
Activities in the German Sales MarketPower
Europe
Cologne
E WIE EINFACH
Munich
E.ON Vertrieb Deutschland
Key Figures Power

Power supplied
Customers
Transmission system
length (220/380 kV)
Generation capacity
Generation output
1Including
2Source:

Central Europe
shareholdings
Overall market2

E WIE EINFACH Strom & Gas GmbH
303.9 billion kWh1
555 billion kWh
E.ON Vertrieb Deutschland GmbH
8 million
45 million
10,600 km
111,200 km3
24,851 MW
138,424 MW
122.3 billion kWh
490 billion kWh
sale of power of E.ON Energy Sales (EES) in other European Countries.

BDEW.
110 kV.
3Including
%
100.0
84.6
42
Activities in the German Sales MarketGas
Europe
Cologne
E WIE EINFACH
Munich
E.ON Vertrieb Deutschland
Key Figures Gas

Gas supplied
Customers
1Consolidated
2Source:
Central EuropeMajor Shareholdings Gas

Central Europe
shareholdings1
Overall market
100.6 billion kWh
922.2 billion kWh
1.5 million
19.1 million2
shareholdings >50.0 percent.

eurogas.

E WIE EINFACH Strom & Gas GmbH
E.ON Vertrieb Deutschland GmbH
%
100.0
84.6
43
Activities in the Netherlands
Europe
Leiden
The Hague
UCML
Maasvlakte
81 MW
100 MW
78 MW
1,066 MW
Galilestraat
Delft
RoCa
209 MW
93 MW
269 MW
Netherlands
Belgium

Luxembourg
Central EuropeShareholdings
E.ON Benelux
Key Figures Power and Gas

%
100.0
Central Europe
shareholdings
Overall market1
Power supplied1, 2
1.2 billion kWh
95 billion kWh
0.11 million
8.0 million
Customers
Generation capacity
Generation output
Gas supplied
Gas customers
1Source:
2Only
BDEW.
retail business.
1,900 MWel
20,904 MWel
10.5 billion kWh
96 billion kWh
3.3 billion kWh
0.15 million
44
Activities in France
Europe
253 MW Hornaing
1,086 MW Emile Huchet
Paris
270 MW Lucy
868 MW Gardanne
Key Figures
Power
supplied2
Attributable
generation capacity
Generation
output2
Gas supplied
Customers
1Source:
2Pro
CRE.
forma full-year figures.
France
Overall market1
18 billion kWh
441 billion kWh
1,550 MW
115.9 GW
10 billion kWh
544,7 billion kWh
10,4 billion kWh
523 billion kWh
195
34 million
45
Activities in Switzerland
Europe
BKW
21%
Minority shareholding 20 percent
E.ON EnergieShareholdings
%
21.01
BKW
1Equity
Key Figures
interest 21.0 percent, voting interest 20.0 percent.
Central Europe
shareholdings1
Overall market3
Power supplied2
7.8 billion kWh
56.2 billion kWh
0.3 million
4.0 million
Customers
Transmission system
length
711 km
12,816 km
Generation capacity
2,205 MW
17,306 MW
1Source:
2In
3As
BKW. Figures not consolidated into E.ON Group.

Switzerland.
46
Central Europe EastActivities in the Power Market
Europe
Slovakia
Czech Republic
Hungary
Romania
Bulgaria
Minority shareholdings 20 percent;
management by E.ON
Key Figures Power1
Central EuropeShareholdings Power

Central Europe
shareholdings2
Overall market3
5.3 billion kWh
33 billion kWh
1.1 million
Transmission system
length (110 kV)
Generation capacity
Bulgaria
Power supplied
Customers
E.ON Bulgaria EAD (holding and services)
Customers
67.0
4.6 million
E.ON Bulgaria Sales AD
67.0
34 km
14,610 km
Romania
0 MW
9,675 MW
E.ON Romnia S.R.L.
20.41
E.ON Moldova Distributie S.A.
51.0
E.ON Moldova Furnizare S.A.
51.0
3.2 billion kWh
53 billion kWh
1.4 million
8.7 million
Transmission system
length (110 kV)
3,737 km
18,600 km
Generation capacity
0 MW
17,198 MW
Slovakia
E.ON Slovensko, a.s.
Customers
Teplrna Otrokovice, a.s.

7.9 billion kWh
27 billion kWh
1.0 million
2.3 million
Transmission system
length (110 kV)
2,758 km
9,357 km
Generation capacity
1 MW
7,778 MW
100.0
Czech Republic
E.ON Czech Holding AG
Slovakia
Power supplied
100.0
E.ON Bulgaria Grid AD
Romania
Power supplied
Bulgaria
100.0
66.0
E.ON Distribuce, a.s. (power and gas)
100.0
E.ON Energie, a.s. (power and gas)
100.0
E.ON esk republika, s.r.o.
100.0
E.ON Trend s.r.o.
100.0
Hungary
Czech Republic
Power supplied
11.7 billion kWh
64 billion kWh
1.4 million
5.6 million
Transmission system
length (110 kV)
2,447 km
18,004 km
Generation capacity
114 MW
17,508 MW
Customers
Hungary
Power supplied
Customers
12.5 billion kWh
41 billion kWh
2.5 million
5.2 million
Transmission system
length (110 kV)
4,442 km
10,500 km
Generation capacity
232 MW
8,171 MW
E.ON Hungria Energetikai ZRt.
100.0
Debreceni Kombinlt Ciklus Erm Kft.
100.0
Nyregyhzi Kombinlt Ciklus Erm Kft.
100.0
E.ON Energiatermel Kft.
100.0
E.ON Dl-dunntli ramhlzati ZRt.
100.0
E.ON szak-dunntli ramhlzati ZRt.
100.0
E.ON Tiszntli ramhlzati ZRt.
100.0
E.ON Energiaszolgltat Kft.
100.0
E.ON Hlzati Szolgltat Kft.
100.0
E.ON gyflszolglati Kft.
100.0
E.ON Gazdasgi Szolgltat Kft.
100.0
1Additional
1Key
figures of all shareholdings > 20 percent as of December 31, 2008.

2Only power plants > 20MW included.
3Overall market figures pro forma, as not all data is available for 2008.
69.8% held by E.ON Ruhrgas International.
47
48
Central Europe EastActivities in the Gas Market
Europe
Slovakia
PP
Czech Republic
Romania
Hungary
Bulgaria
Minority shareholdings 20 percent
Key Figures Gas

Central EuropeShareholdings Gas

Central Europe
shareholdings
Overall market1
3.7 billion kWh
93.8 billion kWh1
0.1 million
2.8 million
Czech Republic
Gas supplied
Customers
Hungary
Natural gas supplied
Customers
1Source:
eurogas.
12.2 billion kWh
137.8 billion kWh
0.6 million
3.5 million
Czech Republic
E.ON Distribuce, a.s. (power and gas)
100.0
E.ON Energie, a.s. (power and gas)
100.0
E.ON esk republika, s.r.o.
100.0
Jihoesk plynrensk, a.s. (JP)
100.0
Hungary
E.ON Dl-dunntli Gzhlzati ZRt. (DDGZ)
99.9
E.ON Kzp-dunntli Gzhlzati ZRt. (KGZ)
99.6
Romania
E.ON Gas Distributie S.A.1
51.0
E.ON Gas Romnia1
51.0
1Since
December 31, 2008.
49
Direct- and Indirect-Access Customers

Customers in millions
Total: approx. 17.0
approx. 1.7 Indirect-access customers

in Germany via companies
with shareholdings >20.0%
Direct-access customers approx. 7.6
in Germany
(consolidated Group companies)
Direct-access customers approx. 6.5

outside Germany
approx. 1.3 Indirect-access customers

outside Germany
via companies with
shareholdings >20.0%
Power Customers in Europe
50
Composition of Power Prices in Germany
Average Power Price for Households1

ct/kWh
Average price for households: 22.70

13.88 Procurement, grid
access fee, energy
data management,
and sales
3.62 VAT
2.05 Power Tax

1.79 Concession fee2
1.36 CHP & Renewables Act
1Power
supplied to households; annual sales volume 3,500 kWh as of spring 2009.

fees vary from city to city depending on number of residents.
Source: BDEW.
2Concession
Average Power Price for Industrial Customers1

Power generation, transmission and supply
Renewable Energies Act
ct/kWh
8.86
6.05
6.47
6.86
7.98
8.92
9.73
11.53
13.25
11.41
Power Tax
12.07
1.23
12
10
1.23
1.23
0.11
1.23
0.11
0.11
0.05
0.11
1.23
0.05
0.05
1.13
0.05
1.23
0.11
0.88
0.98
1.23
0.11
0.05
0.69
9.26
9.04
0.15
0.11
0.09
6
4
2
0.26
0.31
0.36
0.11
0.05
0.13
0.11
0.11
0.05
0.51
0.20
0.19
0.05
0.42
0.24
0.35
5.62
5.99
5.46
8.51
1999
1Supply
CHP Act
Concession fee
2000
2001
2002
2003
at medium voltage level. Demand of 100 kW/1,600 h to 4,000 kW/5,000 h.

2As of spring 2009.
Sources: VEA, BDEW.
7.65
7.02
6.17
2004
2005
2006
2007
1.13
9.55
10.74
2008
20092
51
Composition of Power Prices
Development of Power Prices for Average

Household Customers in Germany
Monthly power bill for
a 3-person household
(3,500 kWh/a)
Taxes, Renewable Energies Act,

CHP Act, Power Tax, Concession fee, VAT
Generation, transport and supply
49.95
63.15
60.00
25.29
12.35
40.00
37.60
20.00
1998
37.86
2008
Source: BDEW, 2009.
Power Price in Europe1

Generation, network, supply
State burden
100%
80%
60%
40%
20%
Germany
1Residential
Norway
Hungary
customers with annual consumption of 2,5005,000 kWh.

Source: Eurostat.
Belgium
Poland
Romania
Czech Republic
52
Key Figures
Central Europe Key Figures

in millions
Total sales
Adjusted EBITDA
2008
2007
+/ %
41,135
32,029
+28.4
+0.7
6,266
6,222
1,545
1,552
Adjusted EBIT
4,720
4,670
+1.1
Cash provided by operating activities
4,016
3,811
+5.4
Capital employed1
19,310
18,943
+1.9
ROCE
24.4%
24.7%
0.33
9.2%
9.3%
0.13
Depreciation/amortization and write-downs
Returns
Cost of capital
Power procurement2
Owned generation
138.3bn kWh
134.6 bn kWh
+2.8
Purchases
from jointly owned power plants
Energy Trading/outside sources
251.4 bn kWh
4.5 bn kWh
246.9 bn kWh
192.6 bn kWh
8.3 bn kWh
184.3 bn kWh
+30.1
45.8
+34.0
Power procured
389.7 bn kWh
327.2 bn kWh
+19.1
Station use, line loss, pumped storage hydro
13.5 bn kWh
13.5 bn kWh
Power sales
376.2 bn kWh
313.7 bn kWh
+19.9
Residential and small commercial
46.8 bn kWh
44.1 bn kWh
+6.1
Industrial and large commercial
82.0 bn kWh
83.7 bn kWh
2.0
Sales partners
101.7 bn kWh
105.8 bn kWh
45.3
Wholesale market/Energy Trading
145.7 bn kWh
80.1 bn kWh
+81.9
28,749 MW
28,479 MW
+1.0
Power sales by customer segment
Installed attributable generating capacity

1Annual
average.
trading operations, which are recognized net under IFRS.
3Change in percentage points.
2Excludes
54
55
56
57
57
58
59
60
61
61
62
63
64
65
67
68
69
70
71
71
72
73
75
76
76
77
78
79
80
Introduction
Business Activities
E.ON RuhrgasBusiness Activities along the Gas Value Chain
E.ON Ruhrgas2008 Sales
European Gas Imports Development
E.ON RuhrgasGas Supply Structure by Country in 2008
E.ON RuhrgasSales Volumes by Sectors 2008
E.ON Ruhrgas20032008 Sales Abroad
European Gas Infrastructure
Liquefied Natural Gas (LNG)
Activities of E.ON Ruhrgas in LNG
LNG Flows to Europe 2008 vs. 2010
E.ON RuhrgasInternational Shareholdings
E.ON RuhrgasUpstream Activities
E.ON RuhrgasActivities in Russia
Gas Production in RussiaYuzhno Russkoye
E.ON RuhrgasPipeline and Storage Joint Ventures
E.ON RuhrgasPipelines in Germany
E.ON RuhrgasTransmission
E.ON RuhrgasTransport
E.ON Gas Storage
E.ON RuhrgasInvolvement in the German Gas Market
German Natural Gas Consumption by Market Sector
Residential Heating Systems in Germany
E.ON RuhrgasActivities in Slovakia
E.ON RuhrgasActivities in Hungary
E.ON RuhrgasActivities in Romania
Key Figures
Pan-European Gas
Market Unit
53
54
Introduction
E.ON Ruhrgas is the lead company of the Pan-European Gas
market unit and is responsible for all of E.ONs non-retail
gas activities in Europe. In terms of sales, E.ON Ruhrgas is
one of the leading non-state-owned gas companies in Europe
and the largest gas company in Germany. E.ON Ruhrgass
principal business is the exploration and production, supply,
transmission, storage and sales of natural gas. E.ON Ruhrgas
also holds numerous stakes in Germany and other European
gas companies, as well as a minority shareholding in Gazprom,
Russias main natural gas exploration, production, transportation and marketing company. In 2008, the Pan-European Gas
market unit recorded revenues of 27.4 billion and adjusted
EBIT of 2.6 billion.
In 2008, E.ON Ruhrgas entered into the following significant

transactions:
In October 2008 E.ON reached an agreement with Russias

Gazprom to acquire a 25-percent stake in Yuzhno Russkoye,
a natural gas field in Siberia. Yuzhno Russkoyes reserves
total more than 600 billion m3, making it one of the worlds
largest gas fields. Production at Yuzhno Russkoye started
in 2008 and is expected to reach 25 bcm of natural gas
per year in 2009.
E.ON Ruhrgas transferred ownership of its gas transport

pipeline system in Germany to E.ON Gastransport.
The storage business has been repositioned in a separate

subsidiary, Essen-based E.ON Gas Storage GmbH, to
manage the E.ON Groups storage operations throughout
Europe.
E.ON Ruhrgas acquired a 5-percent stake and 3 billion m3

of annual regasification capacity at GATE, an LNG terminal
to be built in Rotterdam.
E.ON Ruhrgas was selected as an investor for a new

LNG project in West Africa. Accordingly, E.ON Ruhrgas has
a stake in all phases of this promising project, from production to liquefaction, and signed an agreement for the
development of the gas infrastructure.
Gas Terra and E.ON Ruhrgas extended their existing gas

supply contract up to 2028 and thus increased the contractual volume of Dutch gas by approx. 60 billion m3.
E.ON Ruhrgas and the Swiss buyers consortium Swissgas

signed a contract for the delivery of 10 billion kWh of
natural gas annually for the period 20102015 covering
nearly one third of Switzerlands annual gas needs.
55
Imports
Domestic production
967 billion kWh
152 billion kWh
10 regional long-distance gas companies

Transmission companies
Over 700 regional and local municipalities

Distribution companies
Gas consumption
995 billion kWh
Source: WEG Wirtschaftsverband Erdl- und Erdgasgewinnung e. V.,
Statistisches Bundesamt, BMWi.
Pan-European GasGas Markets

with E.ON Core Presence
Billion kWh
Gas supplied
as of Dec. 31, 2008
Slovakia
70.9
Hungary
149.3
Romania
186.6
Italy
897.0
Germany
995.0
Source: E.ON.
5 supra-regional long-distance companies Level 1
56
Business Activities1
E.ON AG
E.ON Ruhrgas AG
100%
Gas exploration and production

Gas procurement
Gas sales
Gas storage
Network operation
Technical development, advice, service
Up-/Midstream Activities
Downstream Activities
Exploration & Production

E.ON Ruhrgas UK
Exploration &
Production Ltd.
E.ON Ruhrgas Norge AS
Thga AG
100%
Approx. 110 energy shareholdings in
Germany
100%
100%
Transmission
E.ON Gastransport
GmbH
100%
Marketing of transmission capacities/
operation of pipeline network
Storage
E.ON Gas Storage GmbH
100%
Project companies and other companies

Worldwide design and construction of
pipeline systems for the transportation, storage and distribution of gas,
oil, products, water and slurries
Construction and operation of underground gas facilities
Construction and operation of highpressure gas pipelines
Laying and rental of fibre-optic cables
for telecommunications companies
OAO Gazprom
1As
6.4%2

be reduced to 3.5% after finalization of asset swap with
Gazprom.
2To
E.ON Ruhrgas
International AG
100%
Approx. 25 energy shareholdings
Development and expansion of
business activities in Europe
57
E.ON RuhrgasBusiness Activities along the Gas Value Chain

Transmission/Storage
Upstream
non-regulated
Supply/Wholesale
Distribution
Retail
Midstream
Downstream
regulated (Storage: different systems, e.g. in Germany no tariff regulation)

Production
E.ON Ruhrgas2008 Sales

Sales by Business
in billions
Other/
consolidation
1.03
Downstream/
shareholdings
6.15
22.3
Up-/Midstream
0
10
12
14
16
18
20
22
Major market positions
E.ON Ruhrgas is the market leader in Germany with total

gas sales of 687 billion kWh (2008).
E.ON Ruhrgas is among the leading gas companies in
Europe.
Sound relationship with all major gas producers, above
all in the Netherlands, Norway and Russia.
Strategic pipeline assets and transmission rights facilitate
access to important sales markets in Europe.
Competence and expertise in pipeline operations as a

basis for participation in other strategic pipeline projects.
Newly established E.ON Gas Storage subsidiary is among
the leading storage operators in Europe.
58
European Gas Imports Development

Key challenges of European gas markets
Gas Supply
Billion m3
538
620645
650700
16% Future projects
7%
6%
10%
10%
27%
6%
Advanced projects
12%
11% Other non-EU imports1
9%
8%
30%
28% Russia
14%
13% Norway
22%
18% Domestic production
Algeria
18%
35%
2008
10%
1Of
2015
16%
2020
17%
LNG share in supplies
which: Nigeria 3%, Egypt 1%, Qatar 1%, Trinidad and Tobago 1% (2008).
Basis for imports: contracted volumes and prospective contract prolongations.
For Norway extensive utilization of import capacities is assumed.
Provisional data for 2008.
The financial crisis currently leads to reduced gas demand

and to temporary overcapacities in the markets.
In the long run increasing gas demand and declining
indigenous production require additional import sources
that need to be developed in time.
Goal of EU liberalization policy to promote more open
and competitive gas markets: e.g. remove bottlenecks in
cross-border capacities, develop trading hubs.
Enhance security of supply (long-term supply contracts,
additional infrastructure, further supply diversification
opportunities through LNG).
59
E.ON RuhrgasGas Supply Structure by Country in 2008
E.ON RuhrgasGas Supplies by Country

Billion kWh
Total: 680 billion kWh
114.8 Netherlands
Norway 176.9
41.7 U.K.
25.4 Denmark
Russia 177.3
1Italy,
France, Austria, Hungary, Spain and Slovakia.
Long-term import contracts secure gas supplies
In order to provide a sound basis for gas supplies, E.ON

Ruhrgas concludes long-term agreements with producers
and relies on a diversified portfolio of purchase sources.
Long-term take-or-pay commitments enable the producers
to invest the billions required to develop new gas fields
and lay the pipelines to connect them to the transmission
infrastructure.
At the same time, these commitments are the foundation
for ensuring long-term supplies of gas at competitive
prices in the purchasing countries.
This fair balance of risks is a sound basis for cooperation
in a spirit of trust and in the interests of both parties.
22.0 Others1
121.4 Germany
60
E.ON RuhrgasSales Volumes by Sectors 2008
E.ON Ruhrgas
Contracts
1,411
Points of supply
1,889
Breakdown of natural gas sales

38%
24%
13%
25%
32 customers
approx. 100 customers
approx. 150 customers
15 countries
Regional distributors
Local utilities
Industrial customers
Sales abroad
Number of customers/countries
Contractual flexibility
Prices
Most customers buy all the gas they need from E.ON
Ruhrgas under flexible contracts.
E.ON Ruhrgas structures its gas deliveries to the distribution companies flexible enough so that they are able
to meet the fluctuations in demand due to rises and falls
in temperature.
This flexibility can be provided based on the contractual
flexibility of the E.ON Ruhrgas supply portfolio and the
underground storage facilities.
Gas prices are based on competing fuels (mainly gas oil).

The gas prices follow the development of gas oil prices
with a certain time lag.
The gas prices for the distribution and industrial customers
of E.ON Ruhrgas are adjusted automatically at pre-determined intervals in accordance with the price adjustment
clauses agreed in the contracts.
61

Billion kWh
65
88
135
160
180
175
2003
2004
2005
2006
2007
2008
150
100
50
European Gas Infrastructure
Statfjord
Gullfaks
Troll
Frigg
Helsinki
Oslo
Kollsnes
Stockholm
St. Petersburg
Oseberg
Heimdal
Karsto
Stavanger
Sleipner
Ecofisk
Tyra
Copenhagen
Belfast
Minsk
Emden
Dublin
Wilhelmshaven
Berlin
Warsaw
Milford Haven
London
Isle of Grain Zeebrugge
Essen
Brussels
Prague
Vienna Bratislava
Budapest
Paris
Montoir
Lyon
Bern
Ljubljana
Rovigo
Zagreb
La Spezia
Fos-sur-Mer
El Ferrol
LNG regasification terminals

existing
Lisbon
planned/under construction
Sines
Pipelines
existing
planned/under construction
Gas field
Krk
Sofia
Bilbao
Madrid
Bucharest
Belgrade
Barcelona
Istanbul
Valencia
Rome
Brindisi
Crdoba
Cartagena
Athens
Huelva
Arzew
Algiers Skikda
Tunis
62
Liquefied Natural Gas (LNG)
Value chain
Equity gas
Liquefaction
Transport by ship
Regasification
Markets
LNGNatural Gas Supplies

to EU30 and Share in 2008
LNGNatural Gas Supplies

to EU30 and Share in 2020
Percentages
Percentages
10 LNG
24 LNG
90 Pipeline gas
76 Pipeline gas
Source: E.ON Ruhrgas.
Options
Strong projected growth in global LNG demand which gives
E.ON opportunity to:
Diversify gas supply portfolio through long-term and
spot LNG supply contracts and regasification capacity in
E.ONs target markets.
Potentially build up an integrated LNG position including
upstream.
Source: E.ON Ruhrgas.
63
Activities of E.ON Ruhrgas in LNG

E.ON is actively developing all parts of the LNG value chain.
The global market for LNG is highly competitive. E.ON is competing with players from all over the world, e.g. utilities and
international oil and gas companies.
Regasification
E.ON Ruhrgas is currently developing strategic market entries
in Europe by participating in several regasification projects
or by contracting regasification capacity:
The current geographical focus for securing LNG supplies is

the Middle East and Africa. In these regions E.ON Ruhrgas is
active in:
Establishing contacts and building relevant relationships
with stakeholders.
Analyzing and exploring E&P potential.
Discussing with potential upstream and liquefaction
partners.
Ongoing negotiating on Sales Purchase Agreements
(SPAs) with potential suppliers of LNG.
Isle of Grain Terminal (U.K.): contracted annual capacity

of 1.7 billion m3/year for the duration of 19 years starting
in 2010.
Wilhelmshaven (Germany): Majority interest in DFTG

(Deutsche Flssigerdgas Terminal Gesellschaft).
Isle of Krk (Croatia): Shareholder in a consortium (Adria

LNG d.o.o.) with Geoplin, OMV, Total, RWE and other
Croatian partners to build a regasification terminal with
a capacity of 10 to 15 billion m3/year and a planned start
of operations in 2012.
Liquefaction
Trading
Furthermore, E.ON Ruhrgas has been selected as an

investor for a new integrated gas liquefaction (LNG)
project in Equatorial Guinea. E.ON Ruhrgas will hold a
share of 5 percent and participate in several stages of
this LNG project: gas infrastructure, gas collection and
liquefaction.
Shipping
Focusing on competitive transportation costs combined
with high HSE1 and reliability standards, E.ON is preparing to
secure needed shipping capacity for fob2 volumes under
long-term SPAs and for short-term spot or trading cargoes.
1HSEhealth,
2fobfree
safety, environment.
on board.
Beside the long-term LNG supply contracts a global LNG

spotmarket has emerged where idle capacities and arbitrage
opportunities are being utilized. Trading volumes however
remain rather limited. For E.ON, acquiring LNG spot cargoes
allows for a quicker entry into the market and to gain operational experience.
Supply
64
LNG Flows to Europe 2008 vs. 20101
from Norway
Milford Haven
12
Isle of Grain
1.0
Zeebrugge
6 2.5
12.62
Montoir
15
Rovigo
3.5 Enel
La Spezia
Fos-sur-Mer
El Ferrol
Barcelona
2.6
4
Brindisi
27
Marmara Ereglisi
Sagunto
Sines
Huelva
from
Trinidad
Bilbao
1.6
10
5
5.3
Revithoussa
28.7
0.9
Cartagena
Aliaga
Skikda
Arzew
from Egypt, Oman, Quatar, Yemen
from
Nigeria
from Egypt, Oman, Quatar

Marsa el Brega
1In
billion m3/year.
3.5 billion m3/year from Nigeria via Montoir for Enel/Italy.
Source: Cedigaz.
2Including
LNG supplies 2008: 55.3 billion m3

Imports 2010: 80 billion m3
65
E.ON RuhrgasInternational Shareholdings
Finland
Norway
Russia
Sweden
Latvia
Denmark
Lithuania
Belarus
Poland
United
Kingdom
Netherlands
Germany
Belgium
Czech
Republic
Luxembourg
Ukraine
Slovakia
Austria
France
Liechtenstein
Switzerland
Hungary
Slovenia
Romania
Italy
Croatia
Bulgaria
Supply country
Supplies/supply agreement
Cooperation agreement
Affiliate
Office/station
As of December 31, 2008.
Estonia
66
E.ON Ruhrgas International: Shareholdings
E.ON Ruhrgas International: Shareholdings outside Germany

Share held
%
Gas sales 2008

billion kWh
Norway
14.00
2.2
Sweden
29.59
Gasum Oy
Finland
20.00
45.0
AS Eesti Gaas
Estonia
33.66
7.7
JSC Latvijas Ga-ze
Latvia
47.23
16.8
AB Lietuvos Dujos
Lithuania
38.91
12.6
Rytu Skirstomieje Tinklai AB
Lithuania
20.28
Inwestycyjna Splka Energetyczna Sp. z o.o. (IRB)
Poland
50.00
Shareholdings
Countries
Gasnor AS
Swedegas AB
EUROPGAS
a.s.1
Czech Republic
50.00
Nafta a.s.
Slovakia
40.45
1.3
SPP as2
Slovakia
24.50
62.2
E.ON Fldgz Trade ZRt.
Hungary
100.00
118.9
E.ON Fldgz Storage ZRt.3
Hungary
100.00
Panrusgz ZRt.
Hungary
50.00
91.4
Colonia-Cluj-Napoca-Energie S.R.L. (CCNE)
Romania
33.33
S.C. Congaz S.A.
Romania
28.59
3.3
E.ON Romania S.R.L.4
Romania
69.81
30.9
Ekopur d.o.o.5
Slovenia
100.00
Holdigaz SA
Switzerland
2.21
Enovos S.A.6
Luxembourg
10.8
16.6
1EUROPGAS
a.s. holds 50.0 percent of SPP Bohemia a.s. and 48.18 percent of Moravsk naftov doly a.s. (MND) in the Czech Republic.
Ruhrgas Mittel- und Osteuropa GmbH has an indirect interest of 24.50 percent in SPP, Slovakia.
by E.ON Gas Storage GmbH.
4Steered and consolidated by E.ON Energie AG (20.36%); further shareholder: European Bank for Reconstruction and Development (EBRD), London (9.83%).
5Ekopur d.o.o. holds 7.1 percent of Geoplin d.o.o. in Slovenia.
6Enovos is the result of a merger between SOTEG, CEGEDEL, and Saar Ferngas which became effective as of January 23, 2009.
2E.ON
3Held
67
E.ON RuhrgasUpstream Activities1
Europe
Norwegian Sea
Merganser
Scoter
Elgin
Glenelg
West Franklin
Franklin
Central North Sea
Norway
Minke
Hunter
Ravenspurn North
Johnston
Caister
U.K.
Southern North Sea
Norwegian Sea
Central North Sea

Interest
Njord
30%
Interest
Elgin/Franklin
Scoter
West Franklin
Merganser
E.ON Ruhrgas Exploration & Production

2008
2007
2006
768 million m3
751 million m3
725 million m3
m3
m3
771 million m3
725 million m3
Glenelg
5.2%
12.0%
5.2%
7.9%
18.6%
Gas
U.K.
Norway
Total gas
592 million
1,360 million m3
20 million
Oil and
liquids
U.K.
2.5 million bbl
2.9 million bbl
2.7 million bbl
Norway
3.4 million bbl
2.1 million bbl
2.6 million bbl
Total oil and

liquids
5.9 million bbl
5.0 million bbl
5.3 million bbl
14.4 million boe
9.8 million boe
9.8 million boe
Total
production
Southern North Sea

Interest
Ravenspurn North
28.8%
Johnston
50.1%
Hunter
79.0%
Caister
40.0%
Minke
42.7%
1Only
fields in production by the end of 2008; therefore without Skarv and Rita.
68
E.ON RuhrgasActivities in Russia

Gazprom Group
Partnership with Gazprom
1As
2To
Gas reserves 33.1 trillion m3

Gas production1 549.7 billion m3
Pipeline system1 159,500 km
Exports
Europe1 184.4 billion m3
CIS and Baltic states 96.5 billion m3
of December 31, 2008. Source: Gazprom Management Report.

be reduced to 3.5% after finalization of asset swap with Gazprom.
Russia is one of the main sources of natural gas for

Europe.
E.ON Ruhrgas and Gazprom with long-standing
partnership.
Long-term supply contracts running up to 2036.
E.ON Ruhrgas interest/direct and indirect 6.4 percent2.
69
Gas Production in RussiaYuzhno Russkoye
Russia
Norilsk
Dudinka
Jamburg
Vorkuta
Novyy Port
Labytnangi
Urengoy
Salekhard
Yuzhno Russkoye
Berezovo
Sveltyor
Noyabrsk
Sergino
Surgut
Start of production Q4/2007.

Proven and probable reserves of more than 600 billion m or
at least 35 years of production.
Plateau production of approximately 25 billion m/year
(equivalent to yearly demand of Spain 100 percent or U.K.
25 percent).
Total investment for field development 2 billion.
E.ON agreed participation of nearly 25 percent.
Supergiant
Giant (> 100 billion m3)
Gas field
Pipeline system
existing pipelines
planned pipelines
70
E.ON RuhrgasPipeline and Storage Joint Ventures
Europe
Nord Stream
DEUDAN
NEL
Emden
Hamburg
EGL
OPAL
BBL
Salzwedel
Bacton
London
IUK
GHG
Berlin
Essen
Zeebrugge
Dresden
NETG
METG
Brussels
TENP
Waidhaus
Prague
Saarbrcken
MEGAL
WAG
SEL
Passau
Munich
Vienna
Wallbach
Bern
Transitgas
Milan
Joint venture
underground storage
Joint venture pipelines:
existing
planned/in construction
existing (transmission
rights only)
Shareholdings1
Percentages
(NETG) Nordrheinische Erdgastransportleitungsgesellschaft mbH & Co. KG, Haan (Rhld.)
(METG) Mittelrheinische Erdgastransportleitungsgesellschaft mbH, Haan (Rhld.)
50.00
100.00
(TENP) Trans Europa Naturgas Pipeline GmbH & Co. KG, Essen
51.00
MEGAL Mittel-Europische Gasleitungsgesellschaft mbH & Co. KG, Essen
51.00
DEUDAN Deutsch/Dnische Erdgastransport-Gesellschaft mbH & Co. KG, Handewitt
25.00
GHG Gasspeicher Hannover Gesellschaft mbH, Hanover
13.20
NETRA GmbH Norddeutsche Erdgas Transversale & Co. KG, Emstek
40.60
(EGL) Etzel Gas-Lager GmbH & Co. KG, Friedeburg-Etzel
74.80
Transitgas AG, Zurich, Switzerland
3.00
Baumgarten-Oberkappel Gasleitungsgesellschaft m.b.H., Vienna, Austria2
15.00
(IUK) Interconnector (UK) Limited, London, United Kingdom
25.09
BBL Company V.O.F., Groningen, Netherlands
20.00
Nord Stream AG, Zug, Switzerland
20.00
Tauerngasleitung Studien- und Planungsgesellschaft mbH (TGL), Wals, Austria

E.ON Ruhrgas Nord Stream Anbindungsgesellschaft, Essen3
1As

the assets of the WAG West Austrian Gasline via a financial lease agreement with OMV Gas.
a 25% share in NEL and a 20% share in OPAL.
2Holds
3Has
45.00
100.00
71
E.ON RuhrgasPipelines in Germany
km
Total
Maintained by
E.ON Ruhrgas AG
Owned by E.ON Ruhrgas
6,746
6,428
Co-owned pipelines
1,547
602
DEUDAN (PC)
110
67
67
1,092
1,092
METG (PC)
425
425
NETG (PC)
285
144
NETRA (PC)
341
106
TENP (PC)
998
998
2,037
EGL (PC)
MEGAL (PC)
Companies in which E.ON Ruhrgas AG holds a stake through its subsidiaries ERI and Thga
Owned by third parties
Total in Germany
1As

(PC) project company.
E.ON RuhrgasTransmission
Transmission services
Gas transmission through the gas network operated by

E.ON Gastransport, a wholly-owned subsidiary of E.ON
Ruhrgas AG.
Storage services
Provision of storage capacity of E.ON Ruhrgas AG.
Virtual trading points
Handling the gas traded at the virtual trading points of

E.ON Gastransport.
Transmission management in third-party networks
Purchasing of transmission capacity in national and

international third-party networks.
Handling of transmission in third-party networks.
1,043
11,611
12,942
E.ON Ruhrgas Pipelines in Germany1
72
E.ON RuhrgasTransport
E.ON Gastransport market areas
Europe
Pipelines
existing
planned/under
construction
H-gas E.ON GT
L-gas E.ON GT
Key issues
Booking of freely assignable capacities.

Simple fee structure for over 1,000 entry and exit points.
Fees contain system service and fuel gas elements.
Real-time availability of platform functionality (i.e. online
booking of capacities).
One virtual trading point in each market area.
As of October 1, 2007 market areas H-gas North,
H-gas Middle and H-gas South were merged into one
H-gas area.
Joint market areas planned with other grid operators.
73
E.ON Gas Storage
Europe
Flensburg
Krummhrn
Lbeck
Hamburg
Etzel
Bremerhaven
Meppen
Emsbren
Bremen
Berlin
Hanover
Empelde
Epe
Bielefeld
Bocholt
Essen
Aachen
Winterberg
Cologne
Zwickau
Giessen
Koblenz
Bamberg
Frankfurt
Trier
Stockstadt
Hhnlein
Saarbrcken
Sandhausen Karlsruhe
Nuremberg
Regensburg
Stuttgart
Bierwang
Munich
Freiburg
E.ON Gas Storage
A new company, E.ON Gas Storage, a wholly-owned

subsidiary of E.ON Ruhrgas, will bundle all E.ON storage
activities and operates throughout Europe.
E.ON Gas Storage started its business operations
in 2008.
Inzenham-West Breitbrunn
Natural gas pipeline

Compressor station
Underground storage facility
Other station
Gas import point
Compressor station with
operation facility
74
E.ON Gas Storage
E.ON Gas Storage GmbHs Underground Gas Storage Facilities in Germany1
Bierwang3
E.ON Gas Storage

GmbHs share in
working capacity
(million m3)
E.ON Gas Storage

GmbHs share in
maximum withdrawal rate (thousand m3/hour)
E.ON Gas Storage

GmbHs share in
storage facility
or in the project
company %
Operated by
E.ON Ruhrgas AG
1,425
1,200
100.0
Yes
Empelde2
GHG Gasspeicher Hannover Gesellschaft
Epe2
mbH4
Eschenfelden3 E.ON Gas Storage GmbH/N-ERGIE AG

Etzel2
Etzel Gas-Lager GmbH & Co. KG4
Hhnlein3
Krummhrn2, 5 E.ON Gas Storage GmbH
13
47
13.2
1,745
2,900
100.0
Yes
Yes
48
87
66.7
367
987
74.8
80
100
100.0
Yes
100.0
Yes
111
248
Leased
23
50.0
Yes
135
100.0
Yes
520
Leased7
Yes8
500
350
Leased
5,431
6,597
Nttermoor
EWE AG
Sandhausen3
E.ON Gas Storage GmbH/

Gasversorgung Sddeutschland GmbH
15
Stockstadt3
135
Breitbrunn3
RWE Dea AG/

Exxon Mobil Gasspeicher Deutschland GmbH7/
E.ON Gas Storage GmbH8
9926
InzenhamWest3
RWE Dea AG
Total
1As

cavern.
rock.
4Project company.
5Currently out of service for repairs/adjustments.
6992 million m3 is the current working gas capacity available to E.ON Ruhrgas AG.
7Underground section.
8Above-ground-part, particularly the storage compressor station.
2Salt
3Porous
75
E.ON RuhrgasInvolvement in the German Gas Market
Europe
Flensburg
Lbeck
Hamburg
Bremerhaven
Meppen
Emsbren
Bremen
Berlin
Hanover
Bielefeld
Bocholt
Essen
Aachen
Winterberg
Cologne
Zwickau
Giessen
Koblenz
Trier
Bamberg
Frankfurt
Saarbrcken
Nuremberg
Karlsruhe
Regensburg
Natural gas pipeline
Compressor station
Underground storage facility
Other station
Gas import point
Compressor station with
operation facility
Stuttgart
Munich
Freiburg
E.ON Ruhrgas International

Shareholdings in Germany
Percentages
Key Figures in 2008

Share held
Ferngas Nordbayern GmbH1
53.10
Sales
Gas-Union GmbH1
25.93
Pipeline systems2, 6
1Interest
held via ERIs wholly-owned subsidiary RGE Holding GmbH.
Storage
1687.0
capacities3, 7
E.ON
Ruhrgas AG
Overall
market
Market
share
5121 bn kWh
950 bn kWh
53.9%
11,552 km
61,0004 km
19.0%
19.95
26.6%
5.4 bn
m3
bn
m3
billion kWh including gas sales volume abroad and other volumes.
co-owned pipelines and joint-venture pipelines.
3Working gas capacity.
4As of December 31, 2005. Source: BGW-Gasstatistik, high- and mid-pressure
networks.
5As of December 31, 2008. Source: LBEG Niederschsisches Landesamt fr
Bergbau, Energie und Geologie.
6Hold by E.ON Gastransport GmbH, Essen.
7Hold by E.ON Gas Storage GmbH, Essen.
2Incl.
76
German Natural Gas Consumption by Market Sector
Gas Consumption by Sector1

Percentages
41 Residential and
commercial
24 Industrial
15 Others
20 Power stations
12008.
Source: preliminary figures 2008 WEG Wirtschaftsverband Erdl- und

Erdgasgewinnung e.V., Statistisches Bundesamt.
Residential Heating Systems in Germany

Residential Heating Systems
by fuel
Percentages
Homes with a Gas-fired Heating System

Million dwellings
Total: 38.1 million
18
19
20
2008
2015
2020
48.5 Gas
20
30.0 Heating oil
15
12.5 District heating
10
5
6.0 Electricity
3.0 Solid fuels
Approximately 58 percent of new dwellings have a gasfired heating system.

Over the years, gas has steadily increased its share of
the residential space-heating market.
Today, gas is the most popular choice for heating homes.
The number of homes heated by gas has been steadily

growing since the 1970s. This development is continuing.
Today, 48 percent of the nearly 38 million homes in
Germany use gas for heating and the trend is upwards.
77
E.ON RuhrgasActivities in Slovakia
Europe
ilina
Koice
Poprad
Lb
Plaveck Nitra
Peter
Nitra
Poprad
Bansk
Bystrica
Luenec
Koice
Velk
Kapusany
Zvolen
Baumgarten Bratislava
Bratislava
Transit network of eustream

Compressor station of eustream
Komrno
High-pressure distribution network of SPP Distribucia

Underground gas storages of Nafta/Pozagas
Shareholders of SPP
Slovak Gas Holding B.V. 491 percent plus management

control (E.ON Ruhrgas International and GdF Suez
50 percent each).
Slovak state 51 percent, no management control.
Key Figures 2008

Sales
Gas sendout
Customers
Transit gas volume
Employees (as of December 31, 2008)
3.13 billion
5.9 billion m3
1.5 million
76.2 billion m3
4,398
Basis: 2008 annual reports.
1E.ON
Ruhrgas International and Gaz de France have business control of the company
through Slovak Gas Holding B.V.
Prievidza
Lan Hot
Nov Mestro
Michalovce
78
E.ON RuhrgasActivities in Hungary
Europe
Total E.ON Fldgz Storage
E.ON Fldgz Headquarter
Peak cap.:
51.0 million m3/d
Mobile:
3,820 million m3
Cushion gas:
4,654 million m3
Injection cap.: 25.9 million m3/d
Budapest
Hajdszoboszl
Peak cap.:
19.7 million m3/d
Mobile:
1,460 million m3
Cushion gas:
2,410 million m3
Kardoskt
Peak cap.:
Mobile:
Cushion gas:
Injection cap.:
Pusztaederics
Peak cap.:
Mobile:
Cushion gas:
Injection cap.:
2.9 million m3/d

340 million m3
266 million m3
2.1 million m3/d
Zsana
Algy-Maros 1
Peak cap.:
24.0 million m3/d
Mobile:
1,590 million m3
Cushion gas:
1,465 million m3
Peak cap.:
Mobile:
Cushion gas:
Injection cap.:
Key Figures 2008

E.ON
Fldgz Trade
E.ON
Fldgz Storage
Sales
3,750 million
174.6 million
Gas sendout
11.5 billion m3
Customers
45
12
Employees (Dec. 31)
71
180
Basis: HAS (Hungarian Accounting Standards).
1.5 million m3/d

150 million m3
253 million m3
1.3 million m3/d
2.9 million m3/d

280 million m3
260 million m3
1.9 million m3/d
Fldgz Storage
Transmission
networks
MOL Transport
79
E.ON RuhrgasActivities in Romania

E.ON Gaz Romnia and
E.ON Gaz Distributie
Headquarter
Europe
Suceava
Vaslui
Bistria
Baia
Mare
Mure
Bacu
Bihor
Cluj
Harghita
Tg. Mure
Alba
Galati
Braov
Fagaras
Arad
Sibiu
Hunedoara
Tulcea
Buzu
Piteti
Timioara
Prahova
Vlcea
Ialomita
Gorj
Targoviste
Clrai
Bucharest
Mehedinti
Constana
E.ON Romnia
Headquarter
Giurgiu
Dolj
Storage
Transmission pipeline (high-pressure pipeline of Transgaz)
License area E.ON Gaz Romnia and E.ON Gaz Distributie
Shareholders of E.ON Romnia S.R.L.1
E.ON Ruhrgas: 69.8 percent.

E.ON Energie: 20.4 percent (steers and consolidates
shareholding).
European Bank for Reconstruction and Development
(EBRD): 9.8 percent.
1Holds,
inter alia, 51 percent of E.ON Gaz Romnia and E.ON Gaz Distributie,
respectively. Other 49 percent of both companies is held by Romanian State.
Key Figures 2008
Sales
Gas sendout
Customers
E.ON Gaz
Romnia
E.ON Gaz
Distributie
801.6 million
186.0 million
3.0 billion m3
1.42 million
1.42 million
479
5,568
Employees (Dec. 31)

Source: RAS (Romanian Accounting Standards).
80
Key Figures
Pan-European Gas Key Figures

in millions
Sales
2008
2007
+/ %
+20.6
27,422
22,745
Adjusted EBITDA
3,113
3,176
2.0
Adjusted EBIT
2,631
2,576
+2.1
ROCE
15.0%
15.0%
Cost of capital
8.8%
8.8%
Value added
1,091
1,062
+2.7
2,081
3,041
31.6
Investments
1,215
2,424
49.9
Employees (at year-end)
9,827
12,214
19.5
U.K.
Market Unit
82
82
83
84
85
86
87
88
90
92
92
93
94
Introduction
Market Overview U.K.
Business Activities
2008 Sales
Activities in U.K.
Generation Assets
Regional Distribution
Supply Structure
Power and Gas Customers
Energy Services
Key Figures
U.K. Market Unit
E.ON Group
81
82
U.K. Market Unit
Introduction
E.ON UK is one of the leading integrated power and gas companies in the United Kingdom. It was formed as one of the
four successor companies to the former Central Electricity
Generating Board as part of the privatization of the power
industry in the United Kingdom in 1989. E.ON UK and its associated companies are actively involved in power generation,
distribution, and retail. As of December 31, 2008, E.ON UK
owned or through joint ventures had an attributable interest
in 10,330 MW of generation capacity, including 359 MW of CHPs.
E.ON UK served approximately 8.1 million electricity and gas
customer accounts at December 31, 2008 and its Central Networks business served 5 million customer connections. The
U.K. market unit recorded sales of 11.1 billion in 2008 and
adjusted EBIT of 922 million.
Market Overview U.K.

Generation
U.K. Power and Gas Supply
~30 power operators
Billion kWh
Supply1
Power
Gas
1As
Transmission
3 system operators
Distribution
7 network operators
covering 14 distribution areas
Retail
6 major suppliers
392.6
1,059.0
of December 31, 2007. 2008 figures not available as of the date of this
document.
Source: E.ON.
83
Business Activities
E.ON AG
E.ON UK plc
100%
Regulated Business
Non-regulated Business
Other/Consolidation
Distribution (Central Networks)

Central Networks East plc
Central Networks West plc
Power distribution
Generation
U.K.-based power generation
plants fueled by coal, oil, gas
Corporate Center
Corporate functions
UK Finance
UK Information Technology
UK Human Resources
UK Services
E.ON UK CHP Ltd.

Operation and maintenance of
combined heat and power
plants
Corby Power Ltd.

Power station operation
Retail
Powergen Retail Ltd.
Sale of power and natural gas
for residential, small and
medium enterprises, industrial
and commercial customers
Energy Services1
E.ON UK Energy Services Ltd.
Connection of both business
and domestic customers to the
power distribution network,
providing meter installation,
data retrieval & management
services and providing home
energy installations and repairs
1In
January 2009, the regulated New Connections activities moved to Central Networks, with the goal of improving the competitiveness of the remaining business. Metering installation, which remains within Energy Services, continues to be an important part of our business as we work with government to achieve a nationwide rollout of smart meters over
the next decade. The Home Energy Services and Sustainable Energy Solutions activities will become self-contained end-to-end businesses (instead of being split between Energy
Services and Retail at present).
U.K. Market Unit
Cottam Development Center Ltd.

Power station operation
84
U.K. Market Unit
2008 Sales
Sales by Business Units

in millions
Regulated business
Non-regulated business
Other/consolidation
Total
785
10,567
301
11,051
Significant market positions
One of the U.K.s leading national energy brands with

about 8.1 million customer accounts (5.2 million electricity
and 2.9 million gas).
Flexible generation position, well balanced against
mass-market retail operations.
E.ON UKs share of distribution network is 132,912 km,
overall market is 780,482 km, giving a market share
of 17.0 percent.
One of the leading U.K. CHP operators.
85
Activities in U.K.
Central Networks East
Central Networks West
Coal-fired power station

CCGT power station
U.K. Market Unit
Europe
86
U.K. Market Unit
Activities in U.K.
Power
Power supplied
of which own generation1
E.ON UK
shareholdings
Overall U.K. market
Market share %
92.8 billion kWh

40.4 billion kWh
392.6 billion kWh

392.6 billion kWh
24.0
10.0
Customer accounts
5.2 million
29.2 million
17.8
Distribution network
132,912 km
780,428 km
17.0
Generation capacity
10.3 GW
83 GW2
12.0
E.ON UK
shareholdings
Overall U.K. market
Market share %
77.8 billion kWh1
1,059 billion kWh
7.3
2.9 million
22.0 million
13.2
1Excludes
2Official
CHP and renewables generation.

U.K. Government Figures for U.K. Plant Capacity have yet to be released for 2008 (figures based on prior year).
Natural Gas
Sales
Customer accounts
1Sales
to industrial and commercial customers, sales to retail mass market customers (see Business Overview page 43), excluding sales to market/E.ON Energy Trading of
34.6 billion kWh.

Generation
Distribution
Retail
Power
Gas
Upstream
non-regulated
regulated
Downstream
87
Power Generation by Energy Source

MW
20081
2007
2006
2005
2004
Gas
3,865
3,865
3,849
3,849
2,567
Coal
4,910
4,910
4,910
4,910
4,910
Other
1,555
1,806
1,788
1,788
1,788
E.ON UK
10,330
10,581
10,547
10,547
9,265
Gas
33,963
33,963
33,954
32,848
32,164
Coal
23,008
23,008
22,882
22,627
22,639
Nuclear
10,979
10,979
10,969
11,852
11,852
Other
15,001
15,001
14,668
14,036
13,467
U.K. market overall
82,951
82,951
82,473
81,363
80,122
1Official
20081
GWh
2007
2006
2005
2004
Gas
19,799
19,723
14,479
16,405
16,560
Coal
19,972
22,856
22,143
21,840
21,760
619
756
857
934
521
40,390
43,335
37,480
39,179
38,841
Gas
164,473
164,473
141,225
152,642
157,064
Coal
Other
E.ON UK
136,545
136,545
150,392
134,841
131,788
Nuclear
63,028
63,028
75,451
81,618
79,999
Other
28,551
28,551
27,904
26,282
22,368
392,597
392,597
394,971
395,383
391,219
U.K. market overall

1Official
Sales by Customer Segment1

Billion kWh
2008
2007
+/ %
Power residential and SME
32.5
34.2
10.0
Power I&C
18.6
18.4
+1.1
Power market sales
41.7
25.2
+4.4
Total power sales
92.8
77.8
+5.0
Gas residential and SME
56.1
55.5
13.0
Gas I&C
21.7
23.4
18.0
Gas market sales
34.6
78.2
+25.0
112.4
157.1
+1.0
Total gas sales

1Excludes
energy trading activities.
U.K. Market Unit
Generation Output
88
U.K. Market Unit
Generation Assets
Hard-Coal-fired Power Stations

E.ON UKs share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Ironbridge U11
485
100.0
485
1970
Ironbridge U21
485
100.0
485
1970
Kingsnorth U11
485
100.0
485
1970
Kingsnorth U21
485
100.0
485
1971
U31
485
100.0
485
1972
Kingsnorth U41
485
100.0
485
1973
Ratcliffe U11, 2
500
100.0
500
1968
Ratcliffe U21, 2
500
100.0
500
1969
Ratcliffe U31, 2
500
100.0
500
1970
Ratcliffe U41, 2
500
100.0
500
1970
Kingsnorth
Total
4,910
4,910
1Biomass
material co-fired during 2007.

May 2006, after a successful 18-month trial, Ratcliffe-on-Soar power station was granted the necessary authorization
to allow the co-firing of petroleum coke with coal at all four units.
2In
Natural-Gas-fired Power Stations

E.ON UKs share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Cottam Development Centre (CDC) Module
400
100.0
400
1999
Connahs Quay U1
345
100.0
345
1996
Connahs Quay U2
345
100.0
345
1996
Connahs Quay U3
345
100.0
345
1996
Connahs Quay U4
345
100.0
345
1996
Corby Module
401
50.0
200
1993
Enfield1
408
100.0
408
2002
Killingholme Mod 1
450
100.0
450
1992
Killingholme Mod 2
450
100.0
450
1993
218
100.0
218
various
Merchant CHP
Total
1Enfield
3,707
capacity increased to 408 MW (2006: 392 MW) after a compressor upgrade.
3,506
89
Other Power Stations

E.ON UKs share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Grain Aux GT1
28
100.0
28
1979
Grain Aux GT4
27
100.0
27
1980
Kingsnorth Aux GT1
17
100.0
17
1967
Kingsnorth Aux GT4
17
100.0
17
1968
Ratcliffe Aux GT2
17
100.0
17
1967
Ratcliffe Aux GT4
17
100.0
17
1968
Taylors Lane GT2
68
100.0
68
1981
Taylors Lane GT3
64
100.0
64
1979
Total
255
255
Attributable
capacity MW
Start-up date
Grain U1
650
100.0
650
1982
Grain U4
650
100.0
650
1984
Total
1,300
1,300

E.ON UKs share
Total capacity
net MW
Attributable
capacity MW
Start-up date
CHP schemes
359
100.0
359
various
Total
359
E.ON UKinvestments in generation
Progress has been made on consents to build two new

highly efficient coal units at Kingsnorth power station in
Kent. Approval has been ratified by the local authority but
is still required from the U.K. Government. In April 2009
the U.K. Government confirmed its intention to support
carbon capture and storage demonstration projects at up
to four coal-fired stations to ensure fuel diversification.
In 2007 E.ON UK started construction of one of the U.K.s

largest gas-fired CHP stations which will generate 1,275 MW
of power and export up to 340 MW of heat at its Isle of
Grain site in Kent. This station is due to commission in 2010.
359
U.K. Market Unit
E.ON UKs share

Total capacity
net MW
90
U.K. Market Unit
Regional Distribution
Europe
Scottish &
Southern Energy
Scottish Power
Energy Networks
CE Electric UK
Electricity
North West
Scottish Power
Energy Networks
Western Power
Distribution
Scottish & Southern
Energy
Western Power
Distribution
E.ON Central Networks
EDF Energy
EDF Energy
EDF Energy
91
Regional Distribution in U.K.

Customer accounts in millions
Total: 28.2
Electricity North
West Limited
2.3
Western Power
Distribution
2.5
Scottish Power
Energy Networks
3.3
Scottish &
Southern Energy
3.5
3.8
CE Electric UK
5.0
E.ON UK
7.8
EDF Energy
1
In January 2004, E.ON UK acquired Midlands Electricity for

1.2 billion. The distribution network of Midlands Electricity
is adjoining E.ON UKs existing East Midlands Electricity
network. The combined system is known as Central Networks,
with 5.0 million customer connections.
7
U.K. Market Unit
92
U.K. Market Unit
Supply Structure
Energy production
Purchase
Retail
Industrial &
commercial
non-regulated
Distribution
Small & medium

enterprises
Residential
All customer groups
regulated
Non-regulated Business
Regulated Business
Activities throughout U.K.

Free choice of electricity supplier.
Competition and minimal regulation.
Operating in East Midlands and in Midlands

(since January 16, 2004).
Only electricity distribution.
Strict separation from retail business.
Power and Gas Customers1

E.ON UKPower
Customers in thousands
E.ON UKGas
Total: 5,218
48 Industrial and
commercial
421 Small & medium

enterprises
4,750 Residential
Marketing, customer services, and products create loyalty to

the E.ON UK and Powergen brands.
1As
Total: 2,894
19 Industrial and
commercial
126 Small & medium
enterprises
2,749 Residential
93
Energy Services1
Energy Services Key Figures

2008
Connections
Number of domestic connections
60,000
Home installations
Number of heating jobs
101,110
Number of insulation jobs
159, 486
Number of local authority/housing association contracts
Metering
New ConnectionsConnecting domestic and business

customers to the distribution network predominantly for
electricity, but increasingly offering multi-utility connection service.
Metering ServicesProvides meter installation, data

retrieval, data management and meter maintenance
services to external customers and our retail business.
Home Energy ServicesProvides home energy installations and repairs, including loft and cavity wall insulations,
boiler service and repair work to domestic customers,
local authorities and housing associations.
1In
14,093
January 2009, the regulated New Connections activities moved to Central Networks, with the goal of improving the competitiveness of the remaining business. Metering installation,
which remains within Energy Services, continues to be an important part of our business as we work with the government to achieve a nationwide roll-out of smart meters over
the next decade. The Home Energy Services and Sustainable Energy Solutions activities will become self-contained end-to-end businesses (instead of being split between Energy
Services and Retail at present).
U.K. Market Unit
Smart meters fitted
94
U.K. Market Unit
Key Figures
U.K. Key Figures

2008
2007
+/ %
11,051 million
12,584 million
12.2
1,396 million
1,657 million
16.3
922 million
1,136 million
18.8
ROCE
9.1%
9.2%
0.11
Cost of capital
9.8%
9.5%
+0.31
Sales
Adjusted EBITDA
Adjusted EBIT
Value added
71 million
37 million
91.9
893 million
1,615 million
44.7
1,162 million
1,364 million
14.8
17,480
16,786
+4.0
Investments
1Changes
in percentage points.
Nordic
Market Unit
96
97
98
99
100
101
102
102
103
104
105
108
109
110
110
Introduction
Market Overview Power
Market Overview Gas
Business Activities
2008 Sales
Activities in the Nordic Region
Generation Capacity and Output by Sources
Generation Assets
Distribution Regions in Sweden and Finland
The Natural Gas Market in Sweden
2008 Gas Procurement and Sales Volume
Key Figures
Nordic Market Unit
E.ON Group
95
96
Nordic Market Unit
Introduction
E.ON Nordic is a leading energy company in the Nordic market
and drives E.ONs business in the region. Its integrated energy
business in Northern Europe encompasses power and heat
generation; power, gas, and heat distribution; power, gas, and
heat marketing; and a wide range of energy services. As of
the end of 2008, E.ON Sverige is the second-largest Swedish
utility (on the basis of power sales and production capacity).
On December 31, 2008, E.ON and Statkraft, a Norwegian energy
utility, completed an asset swap under which E.ON acquired
Statkrafts 44.6-percent stake in E.ON Sverige. This strategically
important transaction gives E.ON, after compulsory redemption, the sole ownership of E.ON Sverige (with exception of
0.05 percent minority shareholders), establishing a superb
platform from which to create value and to grow our business
in Northern Europe.
E.ON Nordic and its associated companies are actively involved
in the ownership and operation of power generation facilities.
As of December 31, 2008, E.ON Nordic owned, through E.ON
Sverige, interests in power stations with a total installed capacity of approximately 18,200 MW, of which its attributable share
was approximately 7,229 MW (not including mothballed and
shutdown power plants).
In 2008, about 53 percent of the electric power generated by

E.ON Nordic through E.ON Sverige was generated at nuclear
facilities and about 42 percent at hydroelectric plants. The
remaining approximately 5 percent was generated using fuel
oil, biomass, natural gas, wind power and waste. E.ON Nordic
also supplies gas, is active in the heat and waste business
and conducts electricity trading activities. In 2008, E.ON Nordic
had sales of 3.9 billion and adjusted EBIT of 770 million.
Electricity contributed approximately 78 percent, heat 11 percent, gas 6 percent and other 5 percent of 2008 sales, net of
energy taxes. Other sales are mainly attributable to the waste
business, as well as contracting activities. E.ON Nordic sold
a total of approximately 37.6 billion kWh of electricity in 2008
(including both purchases and sales). E.ON Nordic is primarily
active in Sweden, but also operates to a minor degree in
Finland, Denmark, Norway and Poland. In 2008, E.ON Nordic
estimates that it supplied about 16 percent of the electricity
consumed by end users in Sweden.
97
Generation
Nordic Power Market
~350 operators
(Vattenfall, Fortum, Statkraft, E.ON and Dong account for
~60% of the market)1
Billion kWh
Trading
~400 operators1
Power supplied1
CAGR 20072011
Sweden
144
0.8%
Norway
128
0.9%
Finland
87
2.2%
Denmark
36
0.0%
Total
395
1Power supplied interpreted as power consumed. Preliminary figures (Nordel).

CAGR = compound annual growth rate.
Transmission
Sweden: Svenska Kraftnt 100%
Finland: Fingrid 100%
Norway: Statnett 85%, others 15%
Denmark: Energinet 100%2
Distribution
~500 operators
(Vattenfall, Fortum, Statkraft, E.ON and Hafslund account
for ~30% of the market)3
~350 operators
(Vattenfall, Fortum, Statkraft, E.ON and Hafslund account
for ~40% of the market)3
1Nord
Pool Annual Report 2008.

National Reportings 2008.
3Fortum Annual Report 2008.
2ERGEG
Nordic Market Unit
Retail
98
Nordic Market Unit
Market Overview Gas
Sweden
Production
Sweden imports all natural
gas1
Denmark
Finland
Production
Production
2 operators
Dansk Undergrunds Consortium
DUC & Dong
Finland imports all natural gas1
Transmission
Transmission
Transmission
2 operators
E.ON Gas and Swedegas2
1 operator
Energinet3
1 operator
Gasum Oy3
Distribution
Distribution
Distribution
6 operators
E.ON Gas Sverige, Dong, Gteborg
Energi, resundkraft, Lunds Energi,
Varbergs Energi4
5 operators
Dong Distribution, Naturgas MidtNord, Naturgas Fyn, HNG, lborg
Kommune Gasforsyningen5
Some 30 operators
Gasum Oy, Haminan Energia, Kouvola
vari Oy, Valkeakaasu Oy, Lahti Energia
Oy, Karhu Voima Oy (E.ON)5
Retail
Retail
Retail
6 operators
E.ON Frsljning, Gteborg Energi,
resundkraft, Dong & Lunds Energi,
Varbergs Energi
7 operators
Dong, Statoil Gazelle, HNG Midt-Nord
Sales, Shell, E.ON Danmark, Nordjysk
Elhandel and Vattenfall
Few operators3
1IEA
statistics.
Kraftnt.
3International Energy Regulation Network.
4Energimarknadsinspektionen.
5ERGEG National Reporting 2008.
2Svenska
NordicNatural Gas Market

Sweden, Denmark and Finland
Gas supplied1
CAGR 20072011
Sweden
11.02
n.a.
Finland
41.43
n.a.
Denmark
47.84
n.a.
Billion kWh
12008.
Interpreted as natural gas consumed on the individual national markets.

for natural gas, Energimyndigheten. In total 11 billion kWh supplied,
8 billion kWh used by end consumers.
3Statistical Agency Finland.
4Statistical Agency Denmark.
2Statistics
99
Business Activities
E.ON AG
E.ON Nordic
E.ON Sverige AB
E.ON Suomi Oy
Regulated Business
Non-regulated Businesses
Power and Gas Distribution

Distribution of electricity and
gas to end customers
Generation
Power production based on
Nuclear
Hydropower
Renewables2
Oil/Gas
100%1
100%
100%
Other/Consolidation
Retail
Development, sale and delivery
of power, gas and heat to industrial and private customers
Services
Providing services for maintenance and construction
10.05
percent minority shareholders.

by E.ON Climate & Renewables as of January 1, 2008.
2Operated
Nordic Market Unit
Heat and Waste

production
Production of heat for direct
heating
100
Nordic Market Unit
2008 Sales
Sales by Business Area

Percentages
Total: 3,877 million1
78 Power
11 Heat and waste
6 Natural gas
5 Other
1Excluding
power and natural gas taxes.
Swedens second-largest power company.

No. 4 in power generation with 8 percent of total 395 billion kWh in the Nordic1 region.
No. 3 in power/gas retail with 0.9 million customers in
the Nordic region.
Substantial position in Swedens natural gas market
with 80 percent market share in distribution.
1Elret
2008, p. 30, Svensk Energi.
101
Activities in the Nordic Region
Europe
E.ON Suomi Oy
Finland
Kainuun Energia Oy
Sweden
E.ON ES Norge
Norway
E.ON Danmark
Karhu Voima Oy
Denmark
E.ON Sverige
Majority shareholders
E.ON AGShareholdings
E.ON Nordic1
%
100.0
E.ON Sverige
100.0
E.ON Suomi
100.0
10.05
Nordic Market Unit
percent minority shareholders.
Key FiguresSweden
E.ON shareholdings
Overall market
Market share %
41.7 billion kWh1
144 billion kWh3
29.0
805,000
5,100,000
16.0
Distribution grid length
125,000 km
527,000 km1
24.0
Generation capacity
6,019 MWel1
34,181 MWel
18.0
29.8 billion kWh1
146 billion kWh4
20.4
Electricity
Power supplied
Customers
Generation output
Natural
gas2
Natural gas supplied
5.8 billion kWh
11.0 billion kWh
52.7
Customers
~27,000
~33,000
81.8
Transmission system length
204 km
560 km
36.0
1Elret
2008, Svensk Energi.

gas, liquefied petroleum gas and biogas.
supplied interpreted as power consumed (preliminary figures, Nordel, May 2009).
4Generation output interpreted as power produced (preliminary figures, Nordel, May 2009).
2Natural
3Power
102
Nordic Market Unit

Generation
Distribution
Retail
Power
Gas
Upstream
non-regulated
Downstream
regulated

Sales partners
Nordic Pool
37.5 billion kWh
Own generation
28.3 billion kWh
Power procured
56.6 billion kWh
Industrial & commercial

customers
10.6 billion kWh
Power sales
54.7 billion kWh
Private customers
6.6 billion kWh
Other suppliers1
28.3 billion kWh
Transmission losses,
other
1.9 billion kWh
Procurement
19.5
billion kWh of this total stems from jointly operated power stations.
Sales volume
103
Power Generation by Energy Source

MW
2008
2007
2006
2005
2004
Nuclear
2,593
2,601
2,593
2,608
2,590
Hydro
2,758
2,754
2,751
2,771
3,127
51
52
Oil, other
1,778
2,031
2,015
2,215
2,254
E.ON Nordic
7,229
7,437
7,411
7,594
7,971
Thermal
23,8012
23,539
22,003
22,003
23,235
Nuclear
11,5842
11,288
11,632
11,632
12,142
Hydro
48,7762
47,925
47,445
47,445
47,059
Renewables
10, 4632
10,230
10,219
10,219
8,640
Nordic market overall
94,624
92,982
91,299
91,299
91,076
2004
Renewables1
1Transferred
2Preliminary
to the new market unit Climate & Renewables as of January 1, 2008.

figures, Nordel, May 2009.
Billion kWh
2008
2007
2006
2005
Thermal
1.4
1.7
1.05
2.1
2.1
Nuclear
15.1
15.4
15.7
16.6
17.5
Hydro
11.8
13.3
10.4
15.4
13.4
0.1
0.2
0.2
0.2
E.ON Nordic
28.3
30.5
27.4
34.3
33.1
Thermal
53.52
72.7
50.4
50.4
69.1
Nuclear
83.32
87.0
91.8
91.8
96.8
226.02
192.4
222.2
222.2
183.6
Renewables1
Hydro
Renewables
Nordic market overall
1Not
34.82
31.7
30.5
30.5
29.9
397.62
383.8
394.9
394.9
379.3
considering hydroelectric and biomass; transferred to the new market unit Climate & Renewables as of January 1, 2008.
figures, Nordel, May 2009.
2Preliminary
Nordic Market Unit
Power Generation Output by Energy Source
104
Nordic Market Unit
Europe
Finland
Sweden
Norway
Denmark
Nuclear power station

(including jointly owned power stations)
Biofuel
105
Generation Assets
Nuclear Power Stations

E.ON share
Net MW
MW
Start-up
date
MKG/Vattenfall
1,000
9.3
93
1980
MKG/Vattenfall
1,000
9.3
93
1981
Forsmark 3
MKG/Vattenfall
1,170
10.8
126
1985
Oskarshamn I
E.ON Sverige/Fortum
472
54.5
257
1972
Oskarshamn II
E.ON Sverige/Fortum
598
54.5
326
1974
Oskarshamn III
E.ON Sverige/Fortum
1,150
54.5
627
1985
Ringhals 1
E.ON Sverige/Vattenfall
856
29.6
253
1976
Ringhals 2
867
29.6
256
1975
Ringhals 3
985
29.6
292
1981
Ringhals 4
935
29.6
277
1983
Shareholders
Forsmark 1
Forsmark 2
Consolidation
Total
9,033
2,600
E.ON share
MW
Start-up
date
100.0
84
1974
100.0
240
1972
78
100.0
78
1973
E.ON Sverige
172
100.0
172
1993
Karlshamn G1
E.ON Sverige/Fortum
332
70.0
232
1971
Karlshamn G2
E.ON Sverige/Fortum
332
70.0
232
1971
Karlshamn G3
E.ON Sverige/Fortum
326
70.0
228
1973
Karskr G4
E.ON Sverige/Korsnas/Fortum
125
58.9
74
1968
resundsverket GT
E.ON Sverige
126
100.0
126
1971
Oskarshamn GT
E.ON Sverige/Fortum
80
54.5
44
1973
77
n.a.
41
n.a.
Shareholders
Barsebck GT
Brvalla
Net MW
E.ON Sverige
84
E.ON Sverige
240
Halmstad G11
E.ON Sverige
Halmstad G12
Other (<50 MW installed capacity)

Total
Consolidation
1,972
1,551
Nordic Market Unit
106
Nordic Market Unit
Generation Assets

E.ON share
Shareholders
Balforsen
E.ON Sverige
Bergeforsen
Bjurfors nedre
Consolidation
Net MW
MW
Start-up
date
88
100.0
88
1958
160
44.0
70
1955
E.ON Sverige
78
100.0
78
1959
Blsjn
E.ON Sverige/Fortum/
Nybrovikenskraft
60
50.0
30
1957
Degerforsen
E.ON Sverige
63
100.0
63
1965
Edensforsen (selelven)
E.ON Sverige
67
96.5
65
1956
Edsele
E.ON Sverige
60
100.0
60
1965
Forsse
E.ON Sverige
52
100.0
52
1968
Gulsele (selelven)
64
65.0
42
1955
Hllby (selelven)
84
65.0
55
1970
Hammarforsen
E.ON Sverige
84
100.0
84
1928
Harrsele
E.ON Sverige/Junkavaran
223
50.6
113
1957
Hjlta
E.ON Sverige
178
100.0
178
1949
Jrnvgsforsen
E.ON Sverige
100
94.9
95
1975
Korselbrnna (Fjllsjlven)
E.ON Sverige
130
100.0
130
1961
Moforsen
E.ON Sverige
135
100.0
135
1968
Olden (Langan)
E.ON Sverige
112
100.0
112
1974
Pengfors
E.ON Sverige
52
65.0
34
1954
Ramsele
E.ON Sverige
157
100.0
157
1958
Rtan
E.ON Sverige
60
100.0
60
1968
Sollefteforsen
E.ON Sverige/Municipality of
Sollefte
61
50.0
31
1966
Stensjn (Harkan)
E.ON Sverige/Nybrovikenskraft
95
50.0
48
1968
Storfinnforsen
E.ON Sverige
112
100.0
112
1953
Trangfors
E.ON Sverige
73
100.0
73
1975
Other (<50 MW installed capacity)
1,910
n.a.
792
n.a.
Total
4,258
2,754
107
Gas-fired Power Stations

E.ON share
Shareholders
Heleneholm G11, G12
E.ON Sverige
Consolidation
Net MW
MW
Start-up
date
130
100.0
130
1966+1970
Total
130
130
Wind Power Stations

E.ON share
Net MW
MW
Start-up
date
Sweden
18
n.a.
18
n.a.
Denmark
165
n.a.
33
n.a.
Total
183
51

E.ON share
Net MW
MW
Start-up
date
Abyverket G1, G2, G3 (CHP)
151
100.0
151
19621974
Hndel (Norrkping) (CHP)
100
100.0
100
1983
Karskr G3
48
58.9
28
1968
Kainuun Voima (CHP)
72
26.0
18
1989
Other (<1 MW attributable capacity)
2,250
n.a.
n.a.
Total
2,621
299
Net MW
E.ON share MW
Sweden
33,744
7,231
Finland
16,544
31
Denmark
12,699
33
Total
62,987
7,295
Shutdown
E.ON share %
Start-up date
Shutdown date
Barsebck 1 (Nuclear)
25.8
1975
1999
Barsebck 2 (Nuclear)
25.8
1977
2005
Nordic Market Unit
Generation Assets Nordic
108
Nordic Market Unit
Distribution Regions in Sweden and Finland
Europe
Finland
Sweden
Kainuun Energia
54,800 customers
Mid-Norrland
83,000 customers
Norway
Stockholm
119,000 customers
Mlardalen/rebro
99,000 customers
Norrkping
106,000 customers
Denmark
Southern Sweden
594,000 customers
Karhu Voima
16 industrial
customers
109
The Natural Gas Market in Sweden
Europe
Stockholm
Stenungssund
Bors
Gteborg
Gnosj
Gislaved
Varberg
Hyltebruk
Falkenberg
Halmstad
ngelholm
Helsingborg
storp
Klippan
Bjuv
Landskrona
Malm
Eslv
Lund
Staffanstorp
Svedala
Gas pipelines
Trelleborg
Gas distribution market in Sweden: 10 billion kWh.
E.ON Sverige market share in gas distribution: 55 percent.
Gas represents approximately 20 percent of total energy

supply in the Nordic region, while at the national level,
it comprises somewhat less than 2 percent of Swedens
total energy supply.
The 320 km national gas transmission pipeline is owned

by Swedegas AB, a consortium in which E.ON Ruhrgas
International AG holds a 29.6 percent interest.
E.ON Nordic owns, operates and maintains a regional highpressure gas pipeline with a length of 204 km and a lowpressure gas distribution pipeline with a length of 1,881 km.
In addition, E.ON Nordic has an underground gas storage

facility in Getinge with a working capacity of 8.5 million m3
and a maximum withdrawal rate of 40,000 m3/hour.
In 2007, E.ON Nordic transported a total of 6.0 billion kWh
of gas through its gas pipeline system.
All gas is imported from Denmark. The Swedish natural

gas market is currently connected to the Danish natural
gas market through one supply route. Swedens strategic
location between two of the largest producers, Russia
and Norway, has led to the initiation of several studies
and projects with the aim of increasing supplies to or
via Sweden.
Nordic Market Unit
Hgans
110
Nordic Market Unit
2008 Gas Procurement and Sales Volume

Industrial customers
5.0 billion kWh1
Gas procured
6.9 billion kWh1
Distribution
Private customers
0.2 billion kWh1
Regional distributors
0.1 billion kWh1
Own power and heat
generation
1.6 billion kWh1
Procurement
1Including
Sales volume
liquefied petroleum gas and biogas.
Key Figures
Nordic Key Figures
in millions
2008
2007
+/ %
Total sales
3,877
3,339
+16.1%
Adjusted EBITDA
1,112
1,027
+8.3%
770
670
+14.9%
11.1%
9.7%
+1.4%1
9.3%
8.8%
+0.5%1
+101.6%
Adjusted EBIT
ROCE
Cost of capital
Value added
125
62
835
914
8.6%
Investments
939
914
+2.7%
5,826
5,804
+0.4%

1Changes
U.S. Midwest
Market Unit
112
112
113
114
115
116
117
117
118
119
123
124
124
125
126
Introduction
Business Activities
2008 Sales
Power Service Territory
Gas Supply Area
Power Business Activities along the Value Chain
Generation Assets
Distribution Map
Supply Structure
U.S. Midwest Region
Key Figures
E.ON Group
111
112
Introduction
E.ON U.S. is an integrated energy services company with businesses in power generation, electric utility and retail gas services, as well as asset-based energy marketing. Asset-based
energy marketing involves the off-system sale of excess power
generated by physical assets owned or controlled by E.ON U.S.
and its affiliates. E.ON U.S.s power generation and retail electricity and gas services are located principally in Kentucky,
with a small customer base in Virginia and Tennessee. As of
December 31, 2008, E.ON U.S. owned or controlled aggregate
generating capacity of approximately 7,500 MW. In 2008,
E.ON U.S. served almost 1 million customers. The U.S. Midwest
market unit recorded sales of 1,880 million in 2008 and
adjusted EBIT of 395 million.
Market Overview Power1
Generation
~30 operators
(Ohio Power Co, DetroitEdison Co, Duke Energy Indiana,
Appalachian Power Co and Indiana Michigan Power Company account for ~48% of the market)
Trading
~30 operators
Transmission
~38 operators
(Appalachian Power Co, Ohio Power Co, Commonwealth
Edison Co, Duke Energy Indiana and Indiana Michigan
Power Co account for ~40% of the market)
Distribution
~35 operators
(Commonwealth Edison Co, Consumers Energy Co, Detroit
Edison Company, Appalachian Power Co, and
Wisconsin Electric Power Co account for ~35% of the
market)
Retail
~45 operators
(Commonwealth Edison, Detroit Edison Company, Public
Service Electric & Gas, Consumers Energy and PECO
Energy account for ~36% of the market)
U.S. Midwest Power and Gas Supply

Billion kWh
Power
Gas
1As
1OU
of 2005, PowerDat.
information only. 2007 data.
Supply1
1,093
1,0310
113
Business Activities
E.ON AG
E.ON U.S. LLC
Regulated Utilities
Non-regulated Businesses
E.ON U.S. Capital Corp.
100%
LG&E Energy Marketing
100%
E.ON U.S. Services Inc.
100%
Centro
45.9%
Cuyana
14.2%
100%
Louisville Gas & Electric

Company (LG&E)
Kentucky Utilities
Company (KU)
100%
114
2008 Sales
Sales
in millions
Total: 1,880 million
1,831 Regulated business

49 Non-regulated/other
One of the U.S.s lowest-cost energy providers.

Honored several times by JD Power for outstanding
customer satisfaction.
More than 7.5 GW of low-cost generation capacity.
Proven environmental track record through the reduction
of SO2 by 58 percent and NOX by 60 percent per unit
since 1990.
115
Power Service Territory
U.S. Midwest
Alexandria
Falmouth
Maysville
Williamstown
Cynthiana
Frankfort
Georgetown
Louisville
Lexington
Winchester
Radcliff Bardstown
Nicholasville
Richmond
Danville
Elizabethtown
Lebanon
Mount Vernon
Greensburg
Valley
Station
Henderson
Madisonville
Cave City
Paducah
Princeton
Somerset
Columbia
Morehead
London
Cumberland
Corbin
Pineville
Harlan
Middlesborough
LG&E
Kentucky Utilities
Power Sector
Power supplied
Customers
Transmission system length
Generation capacity
Generation output
Kentucky market
E.ON U.S. LLC market

share in Kentucky %
36.4 billion kWh
98.4 billion kWh
37.0
0.9 million
2.1 million1
42.0
4,931 miles
13,327 miles1
37.0
7,507 MW
19,755 MW2
38.0
35.4 billion kWh
98.3 billion kWh
36.0
data.
12007
E.ON U.S. LLC

shareholdings
116
Gas Supply Area
U.S. Midwest
Trimble
Bedford
Campbellsburg
New Castle
Henry
Smithfield
Lagrange
Oldham
Crestwood
Pewee Valley
Louisville
Eminence
Pleasureville
Simpsonville
Jefferson
Shelby
Meade
Fern
Creek
West Point
Mt. Washington
Spencer
Bullitt
Brandenburg
Shepherdsville
Doe Run Storage Field
Vine
Grove
Radcliff
Nelson
Muldraugh Storage Field
Washington
Rineyville
Bardstown
Breckinridge
Larue
Hardin
Hodgenville Loretto
Marion
Buffalo
Magnolia
Magnolia Storage Field
(Upper & Deep)
Green
Taylor
Hart
Texas Gas transmission line
Tennessee Gas transmission line
Major gas line
Gas take point
Town served
Underground gas storage field
Center Storage Field
Center
Metcalfe
Barren
Natural Gas Sector
Sales volume
Customers
Gas storage2
12007
2Total
data.
capacity.
E.ON U.S. LLC

shareholdings
Kentucky market1
E.ON U.S. LLC market

share in Kentucky %
13.9 billion kWh
66.2 billion kWh
21.0
0.31 million
0.84 million
37.0
8.0 billion kWh
66.7 billion kWh
12.0
117
Power Business Activities along the Value Chain
Generation
Wholesale (incl.
off-system sales)
Transmission
Distribution
Retail
Power
Upstream
Midstream
Downstream
regulated

Retail
33.3 billion kWh
Own generation
35.4 billion kWh
Electricity procured
38.3 billion kWh
Power supplied
36.4 billion kWh
Wholesale market/
Energy Trading
3.1 billion kWh
Generation and procurement

1Excludes
brokered sales and discontinued operations.
Transmission losses
1.9 billion kWh
Sales volume1
Other suppliers
2.9 billion kWh
118

MW
2008
2007
2006
2005
2004
Gas/petroleum
2,164
2,164
2,141
2,244
2,244
Hydro
76
74
72
72
72
Hard coal
5,267
5,281
5,294
5,294
5,294
E.ON U.S.
7,507
7,519
7,507
7,610
7,610
493,160
479,000
459,790
450,970
451,888
76,730
76,720
100,590
95,140
98,405
311,210
311,370
310,660
309,330
313,020
Gas/petroleum/other
Hydro
Hard coal
Nuclear
100,560
100,470
100,050
100,110
99,628
U.S. market overall
981,660
967,560
971,090
955,550
962,941

GWh
2008
2007
2006
2005
2004
Gas/petroleum
449
986
722
885
197
Hydro
213
167
287
231
309
Hard coal
34,776
33,510
34,183
34,508
33,915
E.ON U.S.
35, 482
34,663
35,192
35,624
34,421
1,067,845
1,091,136
997,128
984,842
943,478
241,847
241,318
281,397
258,510
259,929
1,994,385
2,020,572
1,987,224
2,014,173
1,978,620
806,182
806,487
787,219
780,465
788,528
4,110,259
4,159,513
4,052,968
4,037,990
3,970,555
Gas/petroleum/other
Hydro
Hard coal
Nuclear
U.S. market overall
119
Generation Assets
U.S. Midwest
Trimble County
Zorn
Ghent
Ohio Falls
Paddys Run
Cane Run
Mill Creek
Tyrone
Haefling
Green River
E.W. Brown
Dix Dam

120
Generation Assets
Hard-Coal-fired Electric Power Stations

E.ON U.S.s share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Cane Run 41
155
100.0
155
1962
Cane Run 51
168
100.0
168
1966
Cane Run 61
240
100.0
240
1969
E.W. Brown 12
101
100.0
101
1957
22
167
100.0
167
1963
E.W. Brown 32
429
100.0
429
1971
Ghent 12
475
100.0
475
1974
Ghent 22
484
100.0
484
1977
Ghent 32
480
100.0
480
1981
Ghent 42
493
100.0
493
1984
Green River 32
68
100.0
68
1954
Green River 42
95
100.0
95
1959
11
303
100.0
303
1972
Mill Creek 21
301
100.0
301
1974
Mill Creek 31
391
100.0
391
1978
Mill Creek 41
477
100.0
477
1982
Trimble County 11
511
75.0
383
1990
71
100.0
71
1953
E.W. Brown
Mill Creek
Tyrone 32
Total
1Power
2Power
5,409
station owned by LG&E.
station owned by KU.
5,281
121
Gas-Fired Electric Power Stations

E.ON U.S.s share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Cane Run 111
14
100.0
14
1968
E.W. Brown 53
117
100.0
117
2001
E.W. Brown 63
154
100.0
154
1999
E.W. Brown 73
154
100.0
154
1999
82
106
100.0
106
1995
E.W. Brown 92
106
100.0
106
1994
E.W. Brown 102
106
100.0
106
1995
E.W. Brown 112
106
100.0
106
1996
E.W. Brown IAC3
98
100.0
98
2000
Haefling 12
12
100.0
12
1970
Haefling 22
12
100.0
12
1970
Haefling 32
12
100.0
12
1970
111
12
100.0
12
1968
Paddys Run 121
23
100.0
23
1968
Paddys Run 133
158
100.0
158
2001
Trimble County 53
160
100.0
160
2002
Trimble County 63
160
100.0
160
2002
Trimble County 73
160
100.0
160
2004
Trimble County 83
160
100.0
160
2004
Trimble County 93
160
100.0
160
2004
160
100.0
160
2004
14
100.0
14
1969
E.W. Brown
Paddys Run
Trimble County
103
Zorn 11
Total
1Power
2Power
3Power
2,164
2,164

station jointly owned by LG&E and KU.
Attributable
capacity MW
Start-up date
Dix Dam2
24
100.0
24
1925
Ohio Falls1
50
100.0
50
1928
Total
74
1Power
2Power

74
E.ON U.S.s share

Total capacity
net MW
122
Generation Assets
Mothballed/Shutdown/Reduced Electric Power Stations

E.ON U.S.s share
Total capacity
net MW
Attributable
capacity MW
Start-up date
Green River 11
22
100.0
22
1950
Green River 21
22
100.0
22
1950
Tyrone Unit 11
27
100.0
27
1947
Tyrone Unit 21
31
100.0
31
1948
Total
1Power
102
102
123
Distribution Map
U.S. Midwest
Louisville
Lexington
Henderson
Gas system
Major gas line
Gas take point
Town served
Underground gas storage field
Electric system
Major electricity transmission line
Frankfort
124
Supply Structure
Generation
Transmission
Distribution
Asset-based energy marketing
Retail
Wholesale (off-system sales)
Residential
Commercial & industrial
non-regulated
Other regulated
regulated
Clear responsibilities for customer segments.

Optimal supply chain management.
Optimizing generation capacity by sales and trading.

E.ON U.S. MidwestElectricity
E.ON U.S. MidwestGas
Customers in thousands1
Total: 927
Total: 314
784 Residential
289 Residential
129 Commercial
14 Public authority/
other businesses
23 Commercial
1 Public authority/
other businesses
2 Industrial
12008
data.
Louisville Gas & Electric and Kentucky Utilities serve over

1 million customers in 81 of Kentuckys 120 counties.
Kentucky Utilities also serves customers in five counties
of southwestern Virginia through Old Dominion Power
Company.
1 Industrial
12008
data.
125
U.S. Midwest Region

An attractive region within the U.S. North American pools
U.S. Midwest
Chicago
Detroit
New York
Louisville
29 percent of U.S. electricity demand is in the Midwest.

Important power interchanges with good network/grid
interfaces.
Heavily industrialized region.
Potential for consolidation in a fragmented market.
Favorable regulatory conditions.
126
Key Figures
U.S. Midwest Key Figures

2008
2007
1,880 million
1,819 million
+3.0
Adjusted EBITDA
549 million
543 million
+1.1
Adjusted EBIT
395 million
388 million
+2.0
ROCE
6.0%
5.7%
+5.31
Cost of capital
8.7%
7.8%
+11.51
Sales
Value added
176 million
142 million
271 million
216 million
43.0
Investments
650 million
690 million
6.0
3,110
2,977
+4.0
Billion kWh
2008
2007
Retail customers
33.3
34.3
2.9

1Change
Sales by Customer Segment
Off-system sales
3.1
1.6
+93.8
Power sales
36.4
35.9
+1.4
Retail customers
13.6
13.1
+3.8
0.3
0.5
40.0
13.9
13.6
+2.2
Off-system sales
Gas sales
128
128
129
130
131
132
134
134
135
136
137
137
138
138
139
139
140
140
141
141
142
142
143
143
144
145
146
146
147
148
148
149
150
151
152
153
154
155
156
157
158
159
160
161
161
161
162
162
163
164
164
165
166
168
170
171
New MarketsRussia
Introduction
Power Industry ReformReshaping the Market Structure
Power Industry ReformStepwise Liberalization
Power MarketTwo Pricing Zones
Spot MarketFuture Basis of the Power Wholesale Market
E.ON Russia PowerPresence along the Value Chain
E.ON Russia PowerMarket Position
Russia Market Unit: Generation Assets
E.ON Russia Power2008 Sales
E.ON Russia PowerGeneration Assets and Key Figures
Key Figures
New MarketsItaly
Market Overview
E.ON ItaliaGeneration Structure
E.ON ItaliaPresence along the Value Chain
E.ON ItaliaKey Figures
E.ON ItaliaGeneration Assets
E.ON ItaliaGas Downstream Assets
Key Figures
New MarketsSpain
Market Overview
Market Specifics
E.ON EspaaPresence along the Value Chain
E.ON EspaaGeneration Assets
E.ON EspaaKey Figures
Organizational Setup
Technologies to Be Rolled Out
Technologies for the First Commercial Plants
Technologies in Proof-of-Concept and R&D Stage
Focus on the Most Attractive Markets: Current Footprint
Generation Portfolio
Assets in Operation: Germany (Wind)
Assets in Operation: Germany (Biogas)
Assets in Operation: France
Assets in Operation: Iberia (Spain and Portugal)
Assets in Operation: Italy
Assets in Operation: Poland
Assets in Operation: U.K. (Part 1)
Assets in Operation: Nordic
Assets in Operation: North America
Long-Term Targets
Carbon Sourcing (JI/CDM)
Joint Implementation (JI) and Clean Development Mechanisms (CDM)
Key Figures
Introduction
The Commercial Heart of E.ON
E.ON Energy Trading Offices
Exchanges
Coal Activities
E.ONs Sources of International Steam Coal (2008)
New Market Units
New Market Units
127
128
New Market Units New MarketsRussia
New MarketsRussia
Introduction
E.ON s operations in Russia encompass power generation,
power sales to large industrial customers, and wholesale
power marketing.
The key strategic priority for E.ON in Russia is to take advantage of the promising Russian market, and in the long run to
make our business in Russia a significant contributor to EONs
earnings. E.ON aims to gain the leading position in Russia in
terms of efficiency of operations through optimization of
existing facilities and construction of new highly efficient units.
In addition, we will secure a high level of safety and environment consciousness.
Our entry into the Russian electricity market is another important milestone on our path to becoming the worlds leading
power and gas company. E.ON Russia Power, the lead company managing our operations in Russia, is well positioned for
the ongoing liberalization of the countrys electricity market.
Russias wholesale power market is divided into two separate

markets: the electricity market and the capacity market. The
progressive liberalization of the electricity market began in
2007 and will be completed by 2011. The progressive liberalization of the capacity market began in July 2008 and is now
synchronized with that of the electricity market.
Through OGK-4, E.ON Russia Power has 8.3 GW of net installed
generating capacity. About 70 percent of this capacity is relatively new and modern and has a high capacity factor. OGK-4s
current generating capacity accounts for about 6 percent
of Russias total thermal capacity. A key mid-term focus is to
enlarge OGK-4s capacity through organic growth.
We are building four high-efficiency combined-cycle gas turbines (CCGTs) and one technologically advanced lignite-fired
generating unit at our existing power plants Surgutskaya 2,
Shaturskaya, Berezovskaya and Yaivinskaya. The new units are
scheduled to enter service successfully in 20102013. Expected
investments in the projects will total about 2.3 billion.
129
Power Industry ReformReshaping the Market Structure
Stepwise deregulation 20072011.

Introduction of new market segments
(e.g. day-ahead market, capacity market).
Spot market and free bilateral contracts are focus of the
new market.
Capacity is expected to be traded separately.
Balancing market to reduce imbalances.
Regulated agreementselectricity and capacity are sold

under the tariffs set by the regulator.
Day-ahead marketspot market with electricity sales on
day-ahead basis.
Balancing marketreal-time spot market.
Evolution of Russian Electricity Market

Illustrative
Pre-reform model
(before 2007)
Current model
(20072008)
Target model
(for 2011)
Regulated Agreements
Prices are set by the regulator.

Prescribed counterparties.
Take-or-pay obligations for electricity and capacity volumes.
Until 2007 tariffs on a cost plus basis.
From 2008 indexation formula for setting tariffs.
Day-ahead spot market
Prices are driven by demand/supply.

Day-ahead basis.
Price-setting and price-accepting bids and offers.
Hourly equilibrium prices.
Free counterparties.
Free agreements with

prescribed counterparties
Free price, terms and conditions.

Limited volumes within the transition period until 2011.
Capacity market
Fully regulated until July 1, 2008capacity payments mainly cover generators fixed costs.
Since July 1, 2008 liberalization according to power market scenario.
Capacity auctions.
Capacity exchange trade with link to power volumes.
Balancing market
Prices are driven by demand/supply.

Designed to eliminate imbalances between demand/supply.
Price-setting and price-accepting bids and offers.
System services market is expected to be launched in 2009.
New MarketsRussia
130
Power Industry ReformStepwise Liberalization

In April 2007, the Russian government adopted stepwise
liberalization of the electricity and capacity market.
Liberalization Scenario of the Wholesale Electricity Market in Russia
Regulated sector (Residential)
Regulated sector (Industrial)
100
10
Liberalized sector
New capacity + deviations from 2007 FTS balance (illustrative)
15
25
30
80
50
60
60
40
20
80
95
90
85
75
70
50
40
20
10
10
10
10
10
10
10
10
1H 2007
2H 2007
1H 2008
2H 2008
Source: Government Resolution No. 205 dated April 7, 2007.
Liberalization ratios are applied to the electricity and

capacity volumes (liberalization of capacity sales started
2H 2008) included in the Federal Tariff System (FTS) balance for 2007 (excluding volumes sold to the households).
Capacity and power for households are sold under regulated agreements.
The newly commissioned capacity and power produced
from that capacity are sold on the free market.
Rules of the long-term capacity market are under discussion and to be finalized within 2009.
Heat market will remain fully regulated until special
resolution of the government.
1H 2009
2H 2009
1H 2010
2H 2010
100
10
1H 2011
131
Power MarketTwo Pricing Zones
The Russian power market is subdivided into two pricing

zones.
Far East Energy System is isolated from Unified Energy
System and fragmented within itself.
Interconnection between zones is very limited.
Smolenskaya GRES
Smolensk region
Yaivinskaya GRES
Perm region
Surgutskaya GRES-2
Tyumen region
Shaturskaya GRES
Moscow region
Region with E.ON position
First pricing zone
Second pricing zone
Energy System of Far East
Pricing zones further segmented into free float zones

driven by grid limitations.
Russian transmission grid part of IPS/UPS power system.
Feasibility study on synchronous interconnection of the
power system of IPS/UPS with UCTE has been carried
outsynchronous interconnection is feasible in the long
term but significant investment is needed.
New MarketsRussia
Brezovskaya GRES
Krasnoyarsk region
132
Strongly different fuel mix within the two pricing zones
Higher dependence on seasonality.

Different merit orders.
Different structure of electricity demand and,
accordingly, different growth rates of consumption.
First Pricing Zone (European Russia, Urals)
Second Pricing Zone (Siberia)
Percentages
Percentages
65 Gas
50 Hydro
17 Coal
2 Gas
48 Coal
12 Nuclear
5 Hydro
No immediate access to fuel sources in European Russia;

proximity to gas in Urals.
Dominant positions of gas-fired generation.
Significant share of nuclear generation.
Low reserve margins.
Advantageous exposure to coal as primary fuel source.

Hydro and coal capacities prevail in Siberia.
No nuclear facilities.
Reserve margins highly dependent on water levels.
133
Spot MarketFuture Basis of the Power Wholesale Market

Spot market is expected to be a cornerstone for future
wholesale electricity market.
Spot Market Price in the First and Second Pricing Zones
US$/MWh
First pricing zone
Second pricing zone
50
45
40
35
30
25
20
15
10
5
1/1/08
2/1/08
3/1/08
4/1/08
5/1/08
6/1/08
7/1/08
8/1/08
9/1/08
10/1/08 11/1/08 12/1/08 1/1/09
2/1/09
3/1/09
Spot price is highly volatile due to its dependence on:

seasonality
weather conditions
day of the week
periods of maintenance
water flows and load of hydro generation.
Absence of a forward market further increases spot

price volatility.
First pricing zone: spot prices are normally set by

gas-fired and fuel oil power units.
Second pricing zone: spot prices are usually set by hydro

power plants and coal-fired generation.
New MarketsRussia
Source: Administrator of Trading System.
134
E.ON Russia PowerPresence along the Value Chain
Generation
Wholesale
Power
Upstream
stepwise liberalization
Midstream
regulated
E.ON Russia PowerMarket Position
Amongst leading power producers in Russia.

No. 1 among thermal wholesale generating companies
in power generation.
One of the leading thermal wholesale generating companies in power sales.
Leading market position in Tyumen region.
Substantial positions in fast-growing regions:
Moscow, Perm, Krasnoyarsk and Smolensk.
OGK-4 Presence on Local Electricity Markets
Total capacity1
MW (gross)
OGK-4 capacity
MW (net)
OGK-4 output
million kWh
Tyumen region (first pricing zone)
11,479
4,680
34,408
Krasnoyarsk region (second pricing zone)
11,258
1,412
10,821
Moscow region (first pricing zone)
14,988
1,022
5,002
Smolensk region (first pricing zone)
4,178
582
2,212
Perm region (first pricing zone)
6,032
568
4,234
8,264
56,676
Total Russia
1Based
on 2007.
2Rounded.
219,0002
135
Russia Market Unit: Generation Assets

Berezovskaya
Yaivinskaya
Smolenskaya
Shaturskaya
Surgutskaya 2
New MarketsRussia
136
E.ON Russia Power2008 Sales
OGK-4 Sales Structure 2008

Percentages
67 Regulated
electricity sales
30 Non-regulated
electricity sales
3 Heat sales
Regulated electricity sales 40.5 billion kWh.

Non-regulated electricity sales 17.8 billion kWh.
Heat sales approx 2 billion kWh.
137
E.ON Russia PowerGeneration Assets and Key Figures
OGK-4 Electric Power Stations

OGK-4s share
Total capacity
MW (net)
Attributable
capacity MW
Start-up date
Gas: Surgutskaya GRES-2
4,680
100.0
4,680
19851988
Coal: Berezovskaya GRES
1,412
100.0
1,412
19871991
Gas/coal/peat/fuel oil: Shaturskaya GRES
1,022
100.0
1,022
19711986
582
100.0
582
19781985
568
100.0
568
19631965
Gas/coal/peat: Smolenskaya GRES

Gas/coal: Yaivinskaya GRES
Total
8,264
8,264
OGK-4 Power Generation by Power Plant

MWh
2008
2007
2006
2005
Surgutskaya GRES-2
34,408
34,406
32,884
31,936
Berezovskaya GRES
10,821
8,529
6,921
6,675
Shaturskaya GRES
5,002
4,911
4,763
4,581
Smolenskaya GRES
2,212
2,099
2,388
2,139
Yaivinskaya GRES
4,234
4,296
4,074
3,652
56,676
54,241
51,030
48,983
1,015,893
991,424
953,071
Total
1,023,3001
Russias market overall

1Rounded.
Key Figures
Russia Key Figures
in millions
2008
Sales
1,044
Adjusted EBITDA
Adjusted EBIT1
41
EBIT is affected by purchase price allocation effects.
New MarketsRussia
1Adjusted
171
138
New Market Units New MarketsItaly
New MarketsItaly
Market Overview
Italy is the fourth-largest power and the third-largest gas

market in Europe.
The power sector shows an annual demand growth of
about 1 percent, where at present about 50 billion kWh
power has to be imported each year to meet Italys
power demand.
The future demand growth in the gas sector is expected
to be driven mainly by increasing consumption from gasfired power plants.
Power Demand Growth
Billion kWh
321
325
330
337
340
338
2006
2007
2008
+1.0%
340
330
320
2003
2004
2005
Source: Terna.
Key drivers for power demand growth
Demand growth is mainly affected by the actual economic

downturn that will show its effects in a short- and in a
long term perspective.
Demand from service sector is expected to grow at an
annual rate of 3.4 percent until 2012, when it is expected
to constitute 31 percent of the Italian power consumptions
(107 billion kWh).
Industrial demand is expected to increase by almost 3 billion kWh until 2012, corresponding to an annual growth
rate of 0.4 percent.
Residential consumption is expected to increase by
2 billion kWh, with an annual growth rate of 0.5 percent.
Agricultural consumption is expected to grow at an
annual rate of 0.7 percent, amounting to a total of about
6 billion kWh.
139
E.ON ItaliaGeneration Structure
Generation Structure1
Percentages

55 Gas
14 Coal
12 Hydro
7 Oil
6 Other thermal
4 Other Renewables
1 Wind
1November
2008.
Source: Italian Energy Authority.
E.ON ItaliaPresence along the Value Chain

Trading1
Generation
Distribution
Retail
Power
Gas
Upstream
non-regulated
Downstream
regulated
be transferred to Energy Trading.
New MarketsItaly
1To
Midstream
140
New Market Units New MarketsItaly
E.ON ItaliaKey Figures
Key Figures (2008)

GW
E.ON Italia
Generation capacity
Overall market
7.41
93.62
1including
2Terna
wind assets Vizzini and Trapani and assets to be transferred to A2A

estimate.
E.ON ItaliaGeneration Assets

Italy market unit: generation assets
Europe
Monfalcone1
924 MW
Tavazzano
1,740 MW
Ostiglia
1,450 MW
Livorno Ferraris4
800 MW
CEF2
142 MW
Terni
526 MW
Fiume Santo
980 MW
CET2
143 MW
Scandale3
planned
Trapani
168 MW
CCGT power station

Hydro power station
1To

be divested to A2A in 2009.

stake: 58.4 percent; accounted for as an associated company.
3E.ONs stake: 50 percent; accounted for as an associated company.
4E.ONs stake: 75 percent.
2E.ONs
Calabria1
481 MW
141
E.ON ItaliaGas Downstream Assets

Current gas downstream assets
Europe
Italy
Minority shareholdings
Key Figures
Italy Key Figures1
in millions
2008
Sales
3,828
1Including
2Adjusted
wind assets Vizzini and Trapani.

157
0
New MarketsItaly
Adjusted EBITDA
Adjusted EBIT2
142
New Market Units New MarketsSpain
New MarketsSpain
Market Overview
One of the largest fast-growing power markets in Europe.
Fifth-largest market in Europe (9 percent of EU30).
Strong demand growth (CAGR 3.6 percent, four times of
EU30 average).
Diversified fuel mix.
Power Production Growth
Billion kWh
CAGR
260
Power supplied
3.6%
240
220
0
2003
2004
2005
2006
2007
2008
CAGR = compound annual growth rate.

Source: CERA, Red Elctrica.
Opportunities due to changing generation structure.

Replacement of old generation capacity currently
under way.
Shift in fuel types, from domestic coal and oil towards
gas and renewables.
Generation Market Structure
(by installed capacity)
Percentages
Oil 5
Generation Market Structure

(by production)
Total: 90 MW
30 Renewables
Hydro 19
Percentages
Oil 1
Total: 285 TWh
29 Renewables
Hydro 11
24 CCGT
23 CCGT
Nuclear 9
Nuclear 20
Coal 13
Coal 16
Source: E.ON.
Source: E.ON.
143
Market Specifics
Renewables and CHP constitute a significant share of

the fuel mix (34 percent of the total demand in 2008).
Gas market capacity increase: 1) new pipeline from
Algeria (Medgaz) in 2009, and 2) new LNG facilities will
be running in the following years.
Full commitment to CO2 reduction limits, emissions regulations, energy efficiency and smart metering
implementation.
Full liberalization of gas and electricity markets

expected in July 2009. Regulated tariffs to be eliminated;
only Last Resort Supply for vulnerable consumers to
remain.
E.ON EspaaPresence along the Value Chain

Generation
Trading
Distribution
Retail1
Power
Upstream
non-regulated
Downstream
regulated
July 1, 2009 clients under P<10kW could have regulated tariff.
New MarketsSpain
1From
Midstream
144
New Market Units New MarketsSpain
E.ON EspaaGeneration Assets
Europe
Location of assets and fuel types
Navia
167 MW
Aguayo1
362 MW
Picos
114 MW
Cercs
162 MW
Tarragona
395 MW
Puente Nuevo
324 MW
Baha de Algeciras
820 MW planned
Escatrn
785 MW
Los Barrios
567 MW
Escucha
159 MW
Puertollano
221 MW
Hydro power station
CCGT power station
1Not
Power Generation Capacity by Fuel Type

MW
2008
Coal
1,433
Gas (CCGT)
1,180
Hydro
Spain market unit
669
3,282
including 26 MW Aguayo/Aguilar conventional hydro power plant.
145
Position in power distribution
Smart metering
Network
Distributed power
30,300 km
3.0 billion kWh
Over 144,000 smart meters already installed.

Plan for a complete rollout of 752,000 smart meters by
2014well ahead of the legal deadline.
Power sales
Power Sales
Million kWh
2008
Residential customers and

small and medium enterprises
1,092
Industrial and commercial customers
635
Market sales
3,677
Total
5,404
E.ON EspaaKey Figures

Spain Key Figures
in millions
Sales
551
Adjusted EBITDA
Adjusted EBIT1
30
17
New MarketsSpain
1Adjusted
2008
146
New Market Units Climate & Renewables Market Unit

Organizational Setup
Board
Corporate Functions
Operational Functions
Strategy, Business Development &

Stakeholder Managment
Finance and Business Control
HSSE1
Business Services
Procurement
Construction
Asset Strategy and Technical Excellence
Business Units
Nordic
North America
Central Europe
Biogas/Biomethane
U.K.
Emerging Technologies &

New Markets
Iberia
Solar Photovoltaic (PV)
Italy
Key strategic issues
Carbon Sourcing
Shaping the next stage of industry development as a

leading global player with a lookout on worldwide
opportunities.
Focus on scalable technologies, scalable already or in
the future, moving the business from boutique to industrial standards and scale.
A fast and consistent pace of operational delivery in
order to build material renewables capacity.
Superior value chain management together with firstclass assets, locations and strategic partnerships with
industry leaders such as Siemens and Masdar give E.ON
Climate & Renewables a competitive advantage.
Flexible and agile organization with a diverse and experienced workforce along with a strong performance drive.
Fully leverage by using existing group-wide skills and
capabilities.
1HSSE:
Health, Safety, Security and Environment
147
Technological Focus
Technologies to Be Rolled Out
Wind
Biomass
Onshore
Biomass refers to solid biomass (wood, wood waste, straw,

agricultural waste) for generating power and heat through
a combustion technology.
Stevens Croft (44 MWel), one of the largest wood-burning
plants in Europe, was commissioned by E.ON Climate &
Renewables in the last quarter 2007.
66 wind parks currently in operation; 2,083 MW worldwide.

Long-term experience in Germany and U.K.
Commissioning of Pyron (U.S.) during the first part of
2009.
Commissioning of Roscoe, the worlds largest wind farm
in late 2009.
Large-scale projects to be commissioned in the U.S.
during 2009.
Offshore
E.ON Climate & Renewables is looking to extend a strong

current position through focus on developing and operating
large coastal and inland plants, as well as building experience
in cutting-edge gasification technology.
Ethical sourcing
First mover in market (Blyth, U.K.; 2000).

Three operational offshore wind parks in Europe with
97 MW across U.K. and Denmark.
Robin Rigg, a 180 MW project to be commissioned during
2009.
alpha ventus, Germanys first offshore wind farm, is a
pioneering deep-water far-shore project in a Joint Venture
with our partners EWE and Vattenfall to be completed
in 2009.
In May 2009 the final investment decision was taken
together with our partners Dong Energy and Masdar to
construct the London Array which when complete will
be the worlds largest offshore wind farm.
Rdsand (Denmark), a 207 MW project under construction,
to be completed in 2010.
Our purchasing of biomass will strictly ensure that the ecological and ethical benefits of these technologies are not put
at risk.
Small hydro
The further development of this technology will be managed
within the E.ON Group through the Competence Centre Hydro
in Nordic.
E.ON Climate & Renewables intention is to become a leading

player and to drive the market development to scale.
Biogas/biomethane
E.ON Climate & Renewables have several biogas and biomethane plants across Europe and ten years experience
in pace-setting biomethane Research & Development
(R&D).
E.ON Climate & Renewables opened the largest
biomethane plant in Europe (Schwandorf, Germany).
Construction of further biomethane plant at Einbeck
(Germany, 5 MWel) to open in 2009, E.ON Climate & Renewables aims to spearhead the market development by
becoming market and technology leader in biomethane.
148
Technological Focus
Technologies for the First Commercial Plants
These are the technologies in which we are focused on the
first commercial plants:
Photovoltaic thin film (PF/TF), Malibu, a joint venture with

Schco.
To develop and manufacture cutting-edge thin-film
solar technology for the commercial and utility sector.
The Malibu production started commercial operation
at the beginning of 2009 and produces 40 MW per
year with an option to expand.
Le Lauzet (France), the groups first solar farm, which

when complete will have a capacity of up to 5 MW. The
first megawatt, using Malibu thin-film technology, was
installed in May 2009.
Co-location/sun farms:
We will review our wind portfolio for complementary
PV/TF installations.
Developing solar farms in sun belt.
CSPconcentrating solar plants1

E.ON Climate & Renewables has performed a dedicated analysis and in-depth study to establish views
on most promising technology options to develop
plans for first commercial opportunities. Steps are
under way to decide on a specific project to work on
together with suitable partners.
The scale of these CSP plants is significantly greater
than PV. This will play to our strengths of developing
large-scale generation technologies.
E.ON Climate & Renewables will drive cost-effective solutions

together with step change potential for cost reduction and
technology.
1Identical
to solar thermal plants.
Technologies in Proof-of-Concept and R&D Stage

Ocean energy
E.ON Climate & Renewables started to explore ocean

energy in 2005 in U.K.
Planning commercial trials of ocean energy from 2009
and 2011 (~1 MW).
Pelamis wave technology, a full-scale ocean testing of
commercial-scale device is scheduled for 2009.
E.ON Climate & Renewables is driving technology development

and will focus on devices with potential to deliver scale and
rapid reduction in capital and operating costs.
149
Focus on the Most Attractive Markets: Current Footprint

Installed renewables capacity as of March 2009 (MW)1
245
54
2,269
89
Nordic
U.K.
Other
renewables
194
1,175
Germany
2,180
Wind
43
Europe (others)
North America
280
278
Iberia
Italy
equity MW (figures rounded), excluding large hydro. Source: E.ON.
1E.ON
Total
150
Generation Portfolio
Renewables Generation Portfolio as of March 2009

Percentages
Onshore wind
92
2 Biomass
4 Offshore wind
Biogas/biomethane
1 Small hydro
Installed Renewables Capacity as of March 20091

MW
Installed capacity: 2,269 MW
Denmark
33
France
30
Germany
194
Italy
278
Poland
13
Portugal
30
Spain
250
Sweden
21
U.K.
245
U.S.
1,175
0
1Excluding
large hydro.
200
400
600
800
1,000
151
Assets in Operation: Germany (Wind)
Europe
9
2
12
Potsdam
10
11
8
1
3
Essen
4
Dsseldorf
Munich
Operating Sites
Offices
Onshore Wind Parks in Germany

Net capacity (MW1)
Commissioning year
In operation
51
2001
Mecklenburg-Vorpommern
In operation
37
2001
Sachsen-Anhalt
In operation
20
2002
Sachsen
In operation
24
2004
Kessin
In operation
0.4
2002
Schnerlinde
In operation
0.8
2002
Riethnordhausen
In operation
2007
Rheiner Windpark
In operation
2002
Dargeltz
In operation
22
2006
10
Helmstedt-Treue
In operation
2005
11
Treue-Ost
In operation
2007
12
Cuxhaven
In operation
2006
Onshore wind
Project location
Project status
Brandenburg
Total
equity MW (figures rounded). Source: E.ON.
1E.ON
184.2
152
Assets in Operation: Germany (Biogas)
Europe
2
3
5
4 7
Potsdam
Essen
Dsseldorf
Munich
Operating Sites
Offices
Biomass, biogas and biomethane plants in Germany

Net capacity (MW1)
Commissioning year
2008
In operation
2007
In operation
0.1
2005
Frstenwalde
In operation
0.5
1999
Hasenwinkel
In operation
0.4
2007
Ketzin
In operation
0.6
2007
Sauen
In operation
0.4
2007
Kaakstedt
In operation
0.8
2006
Sembten
In operation
2008
Biogas
Project location
Project status
Ducherow
In operation
Malchin
Roggenhagen
Total
1E.ON
9.8
153
Assets in Operation: France
Europe
Paris
3/4
2
5
Operating Sites
Office
Onshore Wind Parks in France

Net capacity (MW1)
Commissioning year
In operation
2007
Ambon
In operation
2008
LV Cernon
In operation
2008
CE Cernon
In operation
2008
Muzillac
In operation
2008
Onshore wind
Project location
Project status
Lehaucourt
Total
equity MW (figures rounded). Source: E.ON
1E.ON
30
154
Assets in Operation: Iberia (Spain and Portugal)

10
11
Europe
7
1/2
Madrid
13
8
12
Lisbon
5
3
Operating Sites
Offices
14
Biomass and Small Hydro Sites in Spain

Net capacity (MW1)
Commissioning year
In operation
2001
VAG (Lerida)
In operation
2004
Giribaile (Jan)
In operation
20
2007
E2I project (Murcia)
In operation
1959
Biomass
Project location
Project status
Juneda (Lerida)
2
Small hydro
Total
1E.ON
35
Onshore Wind Parks in Spain

Net capacity (MW1)
Commissioning year
In operation
1998
Bodenaya
In operation
18
2005
Zaragoza
In operation
126
Carceln
In operation
11
2004
Pramo de Poza
In operation
15
2002
10
Pax
In operation
19
1997
11
Pico Gallo
In operation
24
2001
Onshore wind
Project location
Project status
Ascoy
Total
1E.ON
215
Onshore Wind Parks in Portugal

Net capacity (MW1)
Commissioning year
12
2006
In operation
2008
In operation
10
2008
Onshore wind
Project location
Project status
12
Joguinho (Torres Vedras)
In operation
13
Alto Folgorosa
14
Espinhao de Co
Total
1E.ON
30
155
Assets in Operation: Italy
Europe
Milan
Rome
Operating Sites
Offices
4
7
6
8/9
3
2
Onshore Wind Parks in Italy

Net capacity (MW1)
Commissioning year
In operation
20
2004
Vizzini
In operation
24
2006
Trapani
In operation
32
2007
Montecute
In operation
44
2006
Poggi Alti
In operation
20
2006
Marco A. Severino
In operation
44
2007
Iardino
In operation
14
2005
Serra Pelata
In operation
42
2007
Piano di Corda
In operation
38
2007
Onshore wind
Project location
Project status
Florinas
Total
1E.ON
278
156
Assets in Operation: Poland

1
Europe
Szczecin
Operating Sites
Office
Onshore Wind Parks in Poland
Onshore wind
Project location
Project status
Net capacity (MW1)
Commissioning year
Lebcz 1 (Gdansk)
In operation
2007
Lebcz 2 (Gdansk)
In operation
2008
Total
1E.ON
13
157
Europe
5
4
6
2
11
17
7
9
10
1
12
15
13 16
14
Coventry
19
18
Operating Sites
Office
Net capacity (MW1)
Commissioning year
In operation
1999
Bessy Bell (Northern Ireland)
In operation
1995
Blood Hill (Norfolk)
In operation
1992
Bowbeat (Scotland)
In operation
31
2002
Deucheran Hill
(Kintyre Peninsula)
In operation
16
2001
Great Eppleton
(Northumberland)
In operation
repower
Holmside (County Durham)
In operation
2004
High Volts (County Durham)
In operation
2004
Hare Hill (County Durham)
In operation
2004
10
Lowca (Cumbria)
In operation
2000
11
Oldside (Cumbria)
In operation
1996
12
Out Newton (Northumberland)
In operation
2002
13
Ovenden Moor (Yorkshire)
In operation
1993
14
Rheidol (Wales)
In operation
1997
15
Rhyd-y-Groes (Wales)
In operation
1992
16
Royd Moor (Yorkshire)
In operation
1993
17
Siddick (Cumbria)
In operation
1996
18
St. Breock (Cornwall)
In operation
1994
19
Stags Holt (Cambridgeshire)
In operation
18
2007
Onshore wind
Project location
Project status
Askam (Cumbria)
Total
1E.ON
137
Onshore Wind Parks in U.K.
158
Europe
1
2
Coventry
Operating Sites
Office
Offshore Wind Parks and Biomass Plants in U.K.

Net capacity (MW1)
Commissioning year
In operation
44
2008
Blyth (Northumberland)
In operation
2000
Scroby Sands
(Great Yarmouth)
In operation
60
2004
Biomass
Project location
Project status
Stevens Croft (Lockerbie)
2
3
Offshore wind
Total
1E.ON
108
159
Assets in Operation: Nordic
Europe
Operating Sites
Office
Malm
Onshore and Offshore Wind Parks in Nordic Countries

Net capacity (MW1)
Commissioning year
In operation
21
20032008
In operation
33
2003
Onshore wind
Project location
Project status
Southern Sweden
Nysted 1 (Gedser)
Offshore wind
Total
1E.ON
54
160
Assets in Operation: North America
9
4
3
7/8
Chicago
5
1
6
2
Austin
Operating Sites
Office
Onshore Wind Parks in U.S.

Net capacity (MW1)
Commissioning year
In operation
124
2007
Sand Bluff (Texas)
In operation
90
2008
Munnsville (New York)
In operation
35
2007
Roscoe (Texas)
In operation
209
2008
Champion (Texas)
In operation
127
2008
Panther Creek (Texas)
In operation
258
2008
Inadale Phase 1 (Texas)
In operation
46
2008
Inadale Phase 2 (Texas)
In operation
37
2009
Pyron (Texas)
In operation
249
2009
Onshore wind
Project location
Project status
Forest Creek (Texas)
Total
1E.ON
1,175
161
Attributable Power Generation Capacity

MW
March 31, 2009
Onshore wind
2,083
Offshore wind
97
Biomass
44
Biogas
20
Small hydro
25
Total
2,269

Power Generation Output
MWh
March 31, 2009
Onshore wind
1,191
Offshore wind
72
Biomass
26
Biogas
55
Small hydro
Total
1,347
Long-Term Targets
Major projects
Long-Term Target Zone

Renewables capacity1
GW
1
approx. 4
approx. 10
10
8
6
Major wind onshore projects in construction 2009:

Pyron, Panther Creek, Papalote, Inadale Phase 2 and Stony
Creek in total 833 MW (U.S.), Baro So Joo and Sierra de
Tineo, in total 89 MW (Iberia).
Wind offshore projects in construction 2009:
Robin Rigg, 180 MW (U.K.)
alpha ventus, 16 MW (CE)
2007
1Excluding
large hydro (6.0 GW 2007).
2010
2015
162
Carbon Sourcing (JI/CDM)

Our technology focus in different markets
Russia
Renewables
Energy efficiency
Fugitive gases
Southeast Asia
Renewables
Waste to energy
Africa and Middle East

Renewables
Energy efficiency
Gas-related projects
Joint implementation (JI) and Clean Development Mechanisms (CDM)

Global supply for Phase II (20082012) is estimated
at 2 billion tons of carbon dioxide
Flexible mechanisms allow carbon credits to

be generated around the world and sold into the
EU Emissions Trading Scheme.
Clean Development Mechanism (CDM)
CDM projects take place between developed countries

(e.g. EU) and developing countries (e.g. China).
CDM projects produce carbon credits called Certified
Emission Reduction (CERs).
CERs generated by a project are based on the difference
between business-as-usual emissions and emissions with
the project, based on external audit process.
CERs are used to offset emissions in developed
countries.
Joint Implementation (JI)
JI projects take place between developed countries

(e.g. EU) and economies in transition (e.g. Russia).
JI projects produce carbon credits called Emission
Reduction Units (ERUs).
ERUs generated by a project are deducted from the host
countrys CO2 allocation.
ERUs are to offset emissions in developed countries.
We aim to develop a leading carbon sourcing business

worldwide.
Our business both develops JI/CDM projects and purchases
credits from existing projects.
E.ON Climate & Renewables project development will focus on
technologies and geographical areas where we can leverage
E.ONs existing technical knowledge, local presence and strong
partnerships. We purchase credits from robust projects and
reliable counterparties around the world.
163
Key Figures
Climate & Renewables Key Figures

2008
Sales
439
Adjusted EBITDA
152
Adjusted EBIT
66
in millions
164
New Market Units Energy Trading Market Unit

Introduction
Dsseldorf-based E.ON Energy Trading began operations in
January 2008. As a functionally segmented market unit, it combines all of E.ON Groups European trading activities, including
electricity, gas, coal, freight, oil, and CO2 allowances.
MU Nordic
MU Central Europe
MU U.K.
E.ON Energy Trading
MU Italy
MU Spain
Energy Trading Key Figures
Trading Volume by Commodity 2008
in billions
2008
Sales
31.8
Electricity
878.47 bn kWh
2008
Adjusted EBITDA
649
Natural gas
937.78 bn kWh
Adjusted EBIT
645
CO2 allowances
Oil
Coal
mmt = million metric tons.
103.06 mmt
45.96 mmt
107.15 mmt
165
The Commercial Heart of E.ON

Vision
E.ON Energy Tradings vision is to be the leading asset-backed
energy trader in Europe. Leading means faster, more innovative and more profitable than other asset-backed counterparties.
Role
The role of E.ON Energy Trading is integrated commodity
optimization for the E.ON Group in the short- and mid-term,
three years prior to delivery. Integrated means that all commodity risk positions for the Group created by owning assets,
including customer portfolios, are brought together within
E.ON Energy Trading.
As an asset-backed trader, E.ON Energy Trading commercializes
E.ONs European asset position consisting of more than 60 GW of
electricity-generating capacity and more than 1,000 billion kWh
of natural gas.
development of exchanges, market rules and liquidity throughout the energy markets of Europe. This passionate belief
in open and free markets directly supports and creates real
progress on the EU goals to guarantee security of supply
and create customer choice.
E.ON Energy Trading applies its in-depth fundamental knowledge of Pan-European energy markets to create additional
value through its proprietary trading activities.
Benefits of E.ONs single European energy trading

unit
Cross-regional integration:
Single integrated view on all markets and assets improves
capture of arbitrage opportunities.
Cross-commodity integration:
Ability to realize the benefits of power and gas convergence.
A centralized E.ON Energy Trading plays an important role in
realizing additional value from E.ONs assets.
Value creation
Risk capital
E.ON Energy Tradings team also takes advantage of the

growing opportunities resulting from converging regional
markets in Europe and proactively contributes to the
Integrated portfolio view and consistent risk/hedging strategy

reduces risk for a given return.
Proprietary trading
Asset knowledge, understanding of the market fundamentals
and deal flow deliver superior performance.
E.ONs diverse and flexible range of assets provides E.ON

Energy Trading with a strong basis for creating value from
optimization through a range of standard and more innovative structured and longer-term origination deals.
166
E.ON Energy Trading Offices

Trading locations
Dispatch locations
As a centralized trading floor based in Dsseldorf, E.ON Energy

Trading is a truly international business through its trading
activities, corporate culture and its multinational teams
working together. More than 800 experts from 45 nations
work in the companys headquarters.
Since the creation of E.ON Energy Trading, one team in several

locations has overseen the dispatch of our entire generation
fleet in northwest Europe on a day-to-day basis. From this
transnational perspective, our power stations constitute a
single, European portfolio. The team has 24/7 responsibility for
determining which of our European power plants run and
for how long. It works closely with the generation businesses
at the Central Europe, U.K. and Nordic market units and with
the gas dispatch team at Pan-European Gas.
This centralized approach combines E.ON Energy Tradings

outstanding market expertise with the E.ON Groups presence
along the entire energy value chain in order to leverage synergies and create additional growth.
167
E.ON Energy Trading
Trading office
Dispatch offices
Trading operated by
local market unit
168
Exchanges
Focus on connectivity
The E.ON Energy Trading approach is connecting markets and
assets. It connects markets to create cross-regional arbitrage
across physical pipelines, virtual hubs and financial bases.
Across gas to oil, gas to power, gas vs. coal and gas vs. renewables, E.ON Energy Trading connects commodities and creates
cross-commodity arbitrage. It connects productsindices,
time swaps and virtual products. E.ON Energy Trading aims
also to connect customersup-, mid- or downstream.
169
ICE
Coal
Brent oil
Gas oil
NBP gas
Carbon
APX UK
Nordpool
Power
Power
Gas
Carbon
APX NL
EEX
Power
Power
Gas
Gas
Carbon
Endex
Coal
Power NL, BE
Gas
PXE
Power
Belpex
Power
EXAA
Powernext
Power
Bluenext
EEX (CH)
Power
Power
Carbon
IPEX
Gas
Power
Omel
Power
Omel (PT)
Omip
Power
Trading activities
E.ON Energy Trading activities
Spot
Active
Futures
Under development
Option
Power
170
Coal Activities
The E.ON Group operates hard-coal-fired power plants in eight
countries. E.ONs demand for coal has risen even more due
to further assets in Spain, France and Italy.
E.ON Energy Tradings task is to supply the power plants with
the necessary fuel and to optimize the coal position in connection with the overall portfolio. In order to do so, E.ON Energy
Trading traded more than 100 million metric tons of coal in 2008.
The most important coal-exporting countries for the European
market are Russia, South Africa, Columbia and Indonesia. As
only a limited amount of transport capacity is allocated over
the market, the freight rates are the most important portion
of the price for imported coal.
171
E.ONs Sources of International Steam Coal (2008)
0.5 (3%)
5.4 (32%)
1.8 (11%)
3.7 (22%)
0.4 (2%)
0.1 (1%)
4.2 (25%)
Imported coal 2008 about 17 million metric tons (excludes

imports associated with assets in France and Spain).
Note: Volumes and percentages rounded. Some marginal

volumes sourced from other regions.
Additional Information:
E.ON AG
E.ON-Platz 1
40479 Dsseldorf
Germany
Investor Relations
T +49 2 11-45 79-5 42
F +49 2 11-45 79-5 77
investorrelations@eon.com
Creditor Relations
T +49 2 11-45 79-5 63
F +49 2 11-45 79-3 54
creditorrelations@eon.com
Art Direction:
Production:
Typesetting & Lithography:
Printing:
Lesmo, Dsseldorf
Jung Produktion, Dsseldorf
Addon Technical Solutions, Dsseldorf
Druckpartner, Essen
Cert no. IMO-COC-027827
Printed on Arctic Volume White; certified to DIN EN ISO 9001:2000 (Quality

Management); validated to EC Eco-Audit-Regulation 761/2001 (Environmental
Management); FSC Certificate SGS-COC 2086; Environmental Management
System Standard SS-EN ISO 14001:2004
This presentation may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group
management and other information currently available to E.ON. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of
the company and the estimates given here. E.ON AG does not intend, and does not assume any liability whatsoever, to update
these forward-looking statements or to conform them to future events or developments.
Financial Calendar
August 12, 2009 Interim Report: January June 2009
November 11, 2009 Interim Report: January September 2009
March 10, 2010
May 6, 2010
May 7, 2010
May 11, 2010
August 11, 2010
November 10, 2010
Release of 2009 Annual Report

2010 Annual Shareholders Meeting
Dividend Payout
Interim Report: January March 2010
Interim Report: January June 2010
Interim Report: January September 2010

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Strategy & Key Figures 2009

Strategy & Key Figures 2009

E.ON Energy Trading

E.ON Climate & Renewables

Central Europe Market Unit

Pan-European Gas Market Unit

U.K. Market Unit

Nordic Market Unit

U.S. Midwest Market Unit

New Market Units

E.ON Energie AG,

E.ON Ruhrgas AG,

E.ON Russia Power,

E.ON U.S. LLC,

Climate & Renewables MU

E.ON Climate & Renewables GmbH,

E.ON Energy Trading AG,

Strategy & Investment Plan

E.ON Group Strategy & Investment Plan

Strategy & Investment Plan

In line with these beliefs, E.ON pursues a clear and

1. Presence along the entire value chain

2. Power and gas convergence

E.ON has completed a phase of significant external growth.

3. Strong market positions

5. Value from experience

6. Market and competition

Power and gas.

E.ONs short- and mid-term focus

Strategy & Investment Plan

20092011 Investment Plan

Priorities Set for 20092011 Investment Plan

~60 bn for 20072010

~60 bn of investments for 20072010

Strict Strategic and Acquisition Criteria

If individual assets do not contribute in line with financial

Market attractiveness (returns, growth, regulation,

Value enhancing over project lifetime.

to acquisitions of companies with relatively mature/stable business.

E.ON Group Strategy & Investment Plan

E.ON AG and Subsidiaries Consolidated Balance SheetsAssets

Companies accounted for under the equity method

Other financial assets

Financial receivables and other financial assets

Operating receivables and other operating assets

Income tax assets

Deferred tax assets

Financial receivables and other financial assets

Trade receivables and other operating assets

Assets held for sale

E.ON AG and Subsidiaries Consolidated Balance SheetsEquity and Liabilities

Additional paid-in capital

Accumulated other comprehensive income

Minority interests (before reclassification)

Reclassification related to put options

Provisions for pensions and similar obligations

Reclassification related to put options on treasury shares

Trade payables and other operating liabilities

Liabilities associated with assets held for sale

E.ON Group Key Figures

Consolidated Statements of Income

E.ON AG and Subsidiaries Consolidated Statements of Income

Electricity and energy taxes

Changes in inventories (finished goods and work in progress)