The liberalization of the European energy markets and the governmental promotion of renewable energy generation led to disruptive tendencies in the energy sector over the last 15 years.On the 29th of March in 2000, the first version of the renewable-energy-policy was agreed by the German government. Therefore, renewable power plants, which have higher costs than fossil-fuelled power plants, received a financial promotion. After that, the investments in renewables increased dramatically. As a result, the price for power on the energy exchange plummeted and conventional power plants are now less profitable than before. This causes immense pressure on energy companies with a high amount of conventional power plants in their portfolio.The first chapters give an overview about the liberalization of the German energy market followed by a roundup of policies on subsidies for renewable energy and their impact on the exchange prices for wholesale power. The next chapters show the influence of the lower wholesale prices on the business conduct of the energy sector.The aim of this paper is to analyse the effect of the energy turnaround in Germany on the four big utility companies (E.ON, EnBW, RWE, Vattenfall) in the country. As a theoretical tool, a balance sheet analysis has been chosen. The balance sheet analysis is sectioned into a profitability, financial and market based view on the annual financial statements for the period between 2011 and 2015. The focus here should be the inspection of the influence of the high depreciations on conventional power plants for the energy companies, caused by the decreased prices for power on the wholesale market.At the end of this paper, a prospect of future progresses in the energy sector will be given and challenges for energy companies for the next years should be identified.