E.on is one of the largest purchasers of carbon credits in the world. If they are willing to risk a three-quarter billion fine in one of their core businesses, what do you think is going on in the carbon biz, now and especially in future as the price ratchets up?
E.On is the largest investor-owned utility in Europe with revenues of €86.7 Billion ($120.5 Bil).
GdFSuez is no slouch itself, clocking €83.1 Bil. in '08 revenues ($115 Bil.)
From the BBC:
Energy giants E.On and Gaz De France (GDF) Suez have been fined by European Commission competition regulators for carving up gas markets between them.
Both Germany's E.On and France's GDF Suez have been fined 553m euros ($770m; £477m) by the Commission.
The firms agreed in 1975 not to compete with each other in their national gas markets when they started to import gas through a pipeline from Russia.
"The Commission has no alternative but to impose high fines," it said.
"They maintained the market-sharing agreement after European gas markets were liberalised, and only abandoned it definitely in 2005."
EU Competition Commissioner Neelie Kroes said the secret carve-up had deprived customers of price competition and choice of supplier in two of the largest markets in the 27-nation EU....MORE