The incumbent German power companies in a changing environment. A comparison of E.ON, RWE, EnBW and Vattenfall from 1998 to 2013

This paper examines the actions and strategies of Germany's leading energy companies - E.ON, RWE, EnBW and Vattenfall - in the light of a changing regulatory framework and other circumstances. The liberalization of the German electricity market, measures to promote renewable energies, market developments as well as exogenous shocks such as the Fukushima nuclear disaster and the fiscal crisis all had far-reaching consequences for these companies. A comparative analysis of these companies from 1998 to 2013 shows their development from thriving growth at the start of liberalization up to the current state of crisis. Conducted with a focus on the context of the Energiewende - Germany's commitment to shift towards sustainable energy production - this article contributes to the current debate on the sustainable transformation of energy supply. The theory of strategic action fields by Fligstein and McAdam serves as a theoretical framework.