E.ON AG (EOA.XE), the world's largest investor-owned utility by market value, Thursday said its proposal to sell its German high-voltage power transmission grid was an "entrepreneurial" decision.
After weighing all the advantages and disadvantages, the decision to sell the grid looked like the best solution for the company, its employees and shareholders, Chief Executive Wulf Bernotat said at the company's annual earnings press conference.
E.ON reached a deal last week to sell off its electricity transmission networks and some power generation assets to settle a European Commission antitrust probe.
Bernotat Thursday declined to comment further on the proposed deal with the E.U., saying that it was "still much too early" to provide details.
Bernotat also declined to comment on recent reports that E.ON plans to propose the formation of a German network operator for high-voltage power grids or potential buyers for its network assets.
"The E.U. Commission will now conduct a market test and make a legally binding decision. This should be awaited first," Bernotat said.
He also said that E.ON "regrets" that its decision to propose a sale of the grid has caused irritation and criticism.
"We didn't plan to affront anyone," Bernotat said, adding that the plans had been made public earlier than intended by "indiscretion."
E.ON's proposal has been criticized by the German government, which opposes unbundling. Chancellor Angela Merkel said Friday that she isn't contemplating a nationalization of the high-voltage network.