- E.ON (OTCPK:EONGY) falls more than 7% in German trading after the utility warns it may have to pay as much as €10B ($11.4B) into a state fund to manage nuclear waste.
- CFO Michael Sen says E.ON is working on how to fund Germany’s exit from nuclear energy, including the possibility of accessing capital markets, and estimates a €10B payment will be needed under a proposal by a government appointed commission; while the company would be able to cancel ~€8B of provisions for waste storage, the rest would reduce equity and weigh on its BBB+ rating, the CFO says.
- E.ON reported a 30% Q1 increase in underlying net income of €1.31B on 12% lower revenue amid a slide in power prices.