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12 November 2007 - Wulf Bernotat, chief executive of Eon, has warned that the biggest threat to European energy groups comes not from Russia but from the European Commission.
However, he added, in an interview with the Financial Times, that Brussels' plans to break up energy companies through so-called unbundling would be unlikely to take place.
"You are always talking about Russia but the real threat is coming from the European Commission. . . am pretty sure unbundling is not coming . . . Such processes in Brussels take time especially if important member states such as France and Germany are against it," he said.
Mr Bernotat said he believed the debate in Europe would last such a long time as to make unlikely any break-up, but he added: "Unbundling would not kill E.ON." He admitted he was worried about the prospect of price controls in Germany's supposedly liberalised market.
"Sure I am. I am a bit worried that we see signs of re-regulation and renationalisation of the market . . . What kind of price do you want to have – a political one or a market one?" he said.
Mr Bernotat repeated his argument that power prices were so high in Germany because of high taxes, 41 per cent of the total price, against 9 per cent in the UK.
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