EON’s First-Quarter Proprietary Energy Trading Returns to ProfitJulia Mengewein
EON SE, 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.