EON’s Proprietary Energy-Trading Loss Narrows in First 9 Months
EON SE’s loss from buying and selling energy for itself narrowed in the first nine months as Germany’s biggest utility recovered from lower earnings in gas, oil and eastern European power markets last year.
EON’s proprietary trading unit lost 34 million euros ($46 million) before interest, tax, depreciation and amortization, according to the Dusseldorf-based company’s report for the nine-month period ending Sept. 30 published today. That compares with a 66 million-euro loss the same time last year.
EON’s profit from optimizing the value of its power plants fell 44 percent to 775 million euros, after 2012 benefited from a one-time payment from a settlement with Gazprom on gas-delivery contracts, the company said.
The utility cut staff at its global commodities unit, which comprises the proprietary trading, optimization and infrastructure businesses, by 33 percent this year to 1,468 as of Sept. 30, the company said in the report.
“The number of our traders is relatively stable,” Georg Oppermann, a company spokesman, said by phone from Dusseldorf today. “The cuts were mainly driven by the sale of our Hungarian business and the transfer of staff to other segments.”
The company employs around 150 traders at its Dusseldorf headquarters, Oppermann said.
EON buys and sells electricity, natural gas, oil, coal, carbon emissions and biomass through its global commodities unit.
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