- E.ON (OTCPK:EONGY) fell to a multibillion-euro loss last year on hefty write-downs and a glut of power in its home market, warning that low oil prices, volatile currencies, and a continued decline in European power prices could pressure earnings this year.
- The German utility reported a net loss €3.2B ($3.4B) for 2014, the largest in the company’s history, compared with a profit of €2.1B the previous year. Underlying profit fell 24% to €1.6B in the year to end-December.
- E. ON also announced that it will provide initial details in Q2 on its planned split, after announcing in December that it would separate into two units - one focused on renewable energy and the other on fossil fuel power stations.