Global energy giants forced to adapt to rise of renewables

Companies face world where falling cost of solar and wind power pushes down prices

Seven years after an earthquake off Japan's eastern coast led to three meltdowns at the Fukushima Daiichi nuclear power station, the aftershocks are still being felt across the world. The latest came last Saturday when E.ON and RWE announced a huge shakeup of the German energy industry, following meetings that ran into the early hours.

Under a complex asset and shares swap, E.ON will be reshaped to focus on supplying energy to customers and managing energy grids. The company will leave renewables. RWE will focus on power generation and energy trading, complementing its existing coal and gas power stations with a new portfolio of windfarms that will make it Europe's third-biggest renewable energy producer.