EON Will Lose Millions After Trader’s ‘Irregularities’
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EON AG, Germany’s biggest utility, will probably lose millions of euros after “irregularities” by a former employee were discovered last month.
“EON Energy Trading SE in Dusseldorf has detected some irregularities of a single trader,” Georg Oppermann, a spokesman for the power and natural-gas company, said yesterday by phone. “We expect only minor financial impacts on our portfolio in the lower double-digit million euro range,” he said, declining to specify the amount because the trades were in forward markets. He wouldn’t name the person or say which commodities were involved.