With 11 months left of his seven-year tenure at the head of one of Europe’s biggest energy groups, Wulf Bernotat is in a positive frame of mind.

Criticised for his failure to win Endesa of Spain, which was snatched from under Eon’s nose by Enel of Italy in 2007, he was then attacked for having over-extended the company, with acquisitions including a controlling stake in OGK-4, a Russian power generator, and €11.8bn ($16.5bn) worth of assets from Endesa and Enel.