E.ON SE with its headquarter in Germany is a global provider of specialized energy solutions. Our five global units Generation, Renewables, New Build & Technology, Gas, and Trading generated just under EUR 93 billion in sales in 2010. Twelve regional units manage our retail operations, energy... More
Tuesday, Aug 137:53 AMEon profits plunge, warns of further plant closures
Tuesday, Aug 137:53 AM| Comment!
- 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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Jan H. Lessner:: Mr market is in bad mood for the German large cap utilities. Anyway both EONGY and RWEOY will benefit from record low coal prices.