Steag Spin-Off Iqony Aims for Profit Growth Through Renewable Energy Investments

Energy
Steag spin-off Iqony plans to significantly increase profits in the coming years. With its split, the coal company Steag is now focusing primarily on new energy forms such as wind, solar and hydrogen. Now the first figures are being released.
Due to the energy price crisis, the power plant operator Steag has become a beneficiary of the crisis. At the beginning of this year, the former coal company Steag officially split into two areas: under the name Steag Power, business with fossil energy and power plants continues; under the umbrella of Iqony, however, they are now focusing on „decentralized and decarbonized energies“. The newly founded company is hoping for considerable growth in profit. Last year, activities that today form part of Iqony already generated an operating profit of more than 240 million euros. In 2027, renewable activities alone should generate an operating profit of over 350 million euros – an increase of about 45 percent. Special focus is placed on heat supply.
The plans to sell the company have gained momentum due to the good figures. After increasing losses, at the end of 2021, the coal company had agreed on a restructuring plan with its owners – municipalities in the Ruhr area.
In summary, this article discusses how Steag has split into two companies: Steag Power and Iqony. Iqony focuses mainly on renewable energies such as wind, solar and hydrogen and aims to achieve significant growth in profits in coming years through investments from revenues from coal-fired power plants which have been kept running longer due to energy price crises. Plans to sell off parts or all of Steag have gained momentum due to these good figures.

Renewable Energy Solutions

The world is increasingly looking to renewable energy sources to meet its growing energy needs. Renewable energy sources, such as solar, wind, and geothermal, are becoming more and more popular due to their ability to provide clean, sustainable power without the need for fossil fuels. In addition, these renewable sources can often be used in combination with existing infrastructure such as dams and other hydroelectric systems. Investing in renewable energy solutions can help reduce the environmental impact of energy production while also providing reliable and affordable electricity.
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Picture source: Appolinary Kalashnikova