Eon profits plunge, warns of further plant closures

German utility E.ON (EONGY.PK) says H1 underlying profit, which strips out gains on asset disposals and other non-recurring effects, fell 42% Y/Y to €1.91B, exceeding €1.83B consensus.

The drop is blamed on a drop in European wholesale power prices and the boom in renewable energy; warns it may consider shutting or mothballing fossil power plants in Europe due to “interventionist” energy policies and regulations that subsidize renewable energy.

CEO Johannes Teyssen: "A sober view of the situation indicates that, at least for 2013 and 2014, no recovery is in sight."

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs