German utility company EnBW Energie Baden-Wuerttemberg AG (EBK.XE) is facing significant changes to adjust to the changing energy market, Chief Executive Officer Frank Mastiaux said Monday.

"The energy industry is undergoing a profound structural change, and EnBW has to go through it too," he said.

The market is extremely challenging, Mr Mastiaux said, adding that the company will embark on a restructuring program called EnBW 2020. He didn't give specific details on the program.

EnBW is struggling more than competitors with the energy policy shift in Germany , because it used to rely heavily on nuclear power. In 2011, around half of the power generated by EnBW still came from nuclear power.

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