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EON Falls Most in 20 Years After Utility Scraps Forecasts

EON AG plunged the most in 20 years after Germany’s largest utility scrapped profit forecasts and said the shift to renewable energy presents “huge challenges.”

The Dusseldorf-based company said today it may have to cut dividends and close power stations because lower electricity prices in Germany are making it difficult for gas-fired plants to make money. EON is reviewing forecasts for the next three years because existing targets are no longer achievable.