In the utility sector, the political and regulatory framework is very important.

E.ON is optimizing how they deal with a good problem for a company to have: they have a lot of money and they have to find a use for it.

Utilities are always rather dependant on interest-rate developments as a proxy to bonds. Had interest rates increased, then bonds would have become more attractive. As it is, the competitive advantage of utilities has remained.

Utilities are always rather dependent on interest-rate developments as a proxy to bonds.