E.ON warns of weaker power demand in Europe

E.ON (FWB: EOAN)has indicated that it will have to close plants in the coming year, blaming weaker power demand in Europe.

"In most European markets, the gross margin for gas fired units is approaching zero or is indeed already negative. One factor is that the demand for electricity remains very low.

We will therefore continue to optimise our conventional power plant portfolio and are looking into the possible closure of sites," Chief Executive Johannes Teyssen said after the company published financial results.

Johannes Teyssen
According to the International Energy Agency (IEA), total primary energy demand in the EU is expected to decline by 2 percent in the 2010-2015 period, compared with a 10 percent rise globally over the same period.

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