EON’s First-Quarter Proprietary Energy Trading Returns to Profit

EON SE (EOAN), Germany’s biggest utility, said its proprietary energy trading posted a profit in the first quarter after a loss in the same period last year.

The utility’s profit from trading energy for its own account was 7 million euros ($9.18 million) on an earnings before interest and tax basis in the three months through March, according to the Dusseldorf, Germany-based company’s report published today. That compares with a loss of 4 million euros in the same period last year, the utility said.

EON posted a profit for its so-called optimization business of 178 million euros after a loss of 79 million euros a year earlier, the company said, citing an improved performance of its gas midstream business and a gain from carbon trading.

The company bought and sold less electricity, it said, without giving details. EON traded 437 terawatt-hours in the first quarter of last year.

EON buys and sells electricity, natural gas, oil, coal, carbon emissions and biomass through its global commodities unit.

To contact the reporter on this story: Julia Mengewein in Frankfurt at jmengewein@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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