HomeCoal Fired$3.3bn loss to be posted by E.ON

$3.3bn loss to be posted by E.ON

Germany’s largest utility is set to post a $3.3bn net loss for 2014, according to a report by Handelsblatt.

The newspaper cited sources close to E.ON for its figures, although the company itself have declined to officially comment. It will post its results later in March.
Johannes Teyssen of E.ON
E.ON had already said it would book $4.9bn of writedowns on power assets in the fourth quarter. Its net loss after nine months stood at $922m.

The company has been fighting a rearguard action since the turn of the decade.

Europe‘s power sector has been hit by weak energy demand in a sluggish economy, low wholesale power prices and a surge in demand for cleaner renewable energy which is replacing gas and coal-fired power plants.

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