E.ON says it's got German nuclear shutdown cost covered, even after company splits

The chief executive of German utility E.ON says it has enough money set aside to cover the cost of shutting down its nuclear plants, even after the company splits in two next year.

Johannes Teyssen's responded Tuesday to concerns in Germany that the yet unnamed new company, which will also hold E.ON's conventional assets, could be used as a 'bad bank' to free E.ON from its nuclear legacy.

Teyssen told reporters in Berlin that E.ON has considerable reserves and all nuclear costs are fully covered.

Germany aims to shut down all nuclear plants by 2022, and ramp up power generation from renewable sources — an area that now intends to focus on.

Teyssen said German utility companies have set aside far more money for nuclear cleanup than their counterparts elsewhere.