E.ON: German distribution-grid package adds another positive catalyst tailwind

研报英文原文证据摘录

E.ON: German distribution-grid package adds another positive catalyst tailwind

Equity Research

European Utilities & Clean Energy

2 July 2026

E.ON

German distribution-grid package

adds another positive catalyst

EONGn.DE/EOAN GY EQUAL WEIGHTtailwind

European Utilities & Clean POSITIVE

Germany’s coalition announced plans to pass a distribution- Energy Price Target EUR 19.00

grid package by year-end to halve project timelines, Price (01-Jul-26) EUR 17.66

accelerate digitalisation & improve financing. We see this as Potential Upside/Downside +7.6% Source: Bloomberg, Barclays Research

clearly supportive for E.ON (~50% EV exposure to German

distribution networks) and supportive of share European Utilities & Clean Energy

outperformance vs SX6P. Peter Crampton +44 (0)20 3555 0125

peter.crampton2@barclays.com

German coalition package points to a distribution-grid reform package by year-end. This Barclays, UK

morning, the leaders of the CDU, CSU and SPD presented the outcome of their overnight Dominic Nash, PhD

coalition committee meeting, published as “Ein Programm für Aufschwung und Beschäftigung” +44 (0)20 3134 2364

(“A Programme for Economic Recovery and Employment”). Among the 34 measures, point 16 dominic.nash@barclays.com

under “Wachstum und Gerechtigkeit” (“Growth and Fairness”) focuses on Barclays, UK

“Planungsbeschleunigung Verteilnetze”, or accelerating distribution-grid planning. The coalition Laura Marconi

explicitly acknowledges that faster distribution-grid expansion is essential to maintaining both +44 (0)20 3555 0762

the pace and affordability of the energy transition. By year-end, the government intends to pass laura.marconi@barclays.com

a dedicated distribution-grid package aimed at accelerating expansion, modernisation and Barclays, UK