意昂公司的拆分是公用电力企业的未来吗?
E.ON, the large German utility which maintains operations all over the world, said on Sunday that it will split itself into two. The new company will take responsibility and ownership of E.ON’s centralized power assets like nuclear plants, coal plants, natural gas and hydroelectric facilities. It also takes the energy trading operation.
意昂集团是德国一家国际性能源电力企业，该集团上周日(11月30日)宣布将拆分为两家公司。新成立的公司将负责接管运营目前意昂集团的核电、煤电、气电、水电等大型电站资产，此外还接管能源贸易业务。
E.ON, meanwhile, will be responsible for renewables, distributed resources, efficiency and digital technologies designed to engage residential and commercial companies.
与此同时，意昂公司将专门负责开展可再生能源、分布式能源、能效、数字技术等业务，主要面向居民和商业公司。
In other words, the old company will keep the new assets while the new company will take the old ones. The split will be complete in the second half of 2016.
换言之，“老公司”将保持和拥有新资产，而新公司将接管旧资产。此次拆分将在2016年下半年完成。
“What we can perceive of this world today is, obviously, just the beginning. The new energy world is still in its infancy. But we believe it will grow faster than the conventional energy world. We also believe not only that both worlds will remain viable for a long time to come but that they need each other. That’s why, despite their fundamental differences, both have their own development and growth opportunities,” said CEO Joannes Teyssen.
“很显然，今天我们能够感知到的世界，仅仅是个开始。新能源仍然处于发展初期。但是我们相信它将比传统能源业务增长得更快。我们也相信，在未来很长一段时间内，新能源和传统能源将并存发展，并且它们之间相互依存。这就是为什么，两家公司虽然有很大的不同，但都有增长和发展的机遇。”CEO Joannes Teyssen如是说。
It’s a compelling plan for many reasons. The first, of course, is that E.ON had to do something. Declining wholesale power prices in Germany, among other factors, has eviscerated the company’s margins. The company will take a $5.6 billion in the fourth quarter and report for the year “substantial negative net income,” which I think is the German phrase for loss. Last year, it reported a net income of $3.1 billion on revenue of $154 billion.
“出于多个原因，这项计划是非常必要的。当然，第一个原因就是，意昂集团必须作出改变。电力市场趸售电价的大幅下跌，已经严重影响了该集团的收益。该集团将在第四季度出现56亿欧元的净收入负增长。”我想，这就意味着亏损。去年，该集团总收入是1540亿欧元，但净收入仅为31亿欧元。
Competitor RWE has been stuck in a similar spiral. The prevalence of solar at peak power times combined with increased efficiency have made large capital projects risker.
其竞争对手德国莱茵集团(RWE)的境遇也与此类似。太阳能光伏在中午高峰负荷时段大发，并且用户用电效率不断提升，已经使得大规模投资项目变得越来越有风险。
But just as important, it’s an interesting deal because it presents a living lab for viewing the future of the energy industry. The “fossil” side of E.ON will now be unencumbered by debates over efficiency. It will be free to sell as much power as it can across Europe. If traditional energy advocates are correct, these assets will grow in value over time. Renewables will prove to be too intermittent, efficiency measures won’t work as promised and the dwindling base of centralized power plants will make these assets even more valuable. Etc. etc.
拆分这件事本身既重要又有意思，因为从这里可以观察未来能源工业发展趋势。意昂集团“化石能源”的一面现在将不再遭受能效方面的非议了。它可以自由自在地尽可能地在欧洲多卖电。如果传统能源的支持者是正确的，这些资产将在很长时间内持续增值。可再生能源将被证明太过于间歇性，能效措施也不像承诺的那样有效，大型电站的持续减少也将使得这些资产变得更加有价值，等等。
On other hand, If renewable advocates are correct, you will see the Triumvirate of S—software, storage and solar—continue to get cheaper and more reliable. People will use less and not notice the inconvenience. Meanwhile, E.ON will enjoy a better return on investment on these modular assets.
另一方面，如果可再生能源支持者是正确的，你将看到三位一体的三个“S”——软件(Software)、储能(Storage)和太阳能(Solar)，越来越低价和更加可靠。人们的能耗越来越低，也不会感觉到有任何不适。同时，意昂集团将从对这些模块化的投资中获得丰厚回报。
May the best business model win.
希望最佳商业模式能够最终获胜!
原标题：德国能源巨头意昂集团将一分为二！
