E.ON looks to have turned the corner, after recording a capital increase of $1.56bn in its latest quarterly results.

The company lost billions in recent years due to the impact of the clean energy transition, however its recovery is now being helped by a repayment from the German government of EUR3bn, associated with unlawfully levied nuclear fuel tax, and further good news is on the horizon with the sale of its thermal power portfolio, Uniper, to Fortum.
Johannes Teyssen of E.ON
The planned and highly controversial sale to the Finnish utility could bring another EUR3.8bn into the coffers in Spring. At the end of September, Eon had debts of € 19.7 billion – almost seven billion less than at the end of 2016.

The company, led by Johannes Teyssen (left) put its strong third quarter in part thanks to higher energy prices in some countries. The group, which booked a record loss last year as it grappled with a major restructuring, saw underlying or operating profits of EUR350m ($406m) between July and September, up 13 per cent on last year.

EON last year spun off its gas and coal-fired power plants into a new subsidiary, Uniper, while it has kept clean energy sources, power grids and customer services under its own umbrella. The company last year booked a record loss of more than EUR8bn as it accounted for depreciations in the value of its assets linked to the Uniper spin-off.

Revenues this quarter were up five per cent to 8.4 billion euros, boosted by a pick-up in sales in Sweden and east-central Europe and higher prices for renewables in Italy and the United States.

Looking at the year so far, the group said adjusted net profit soared by 51 per cent to EUR965m.

“At the nine-month mark, your E.ON is right on track,” the group said in a statement. For the whole of 2017, EON said it continued to expect adjusted operating profit of EUR2.8bn to EUR3.1bn and adjusted net profit of between EUR1.2bn and EUR1.45bn.