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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."

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