EON Posts Loss After Writing Off Billions on Plants, Storage
- Utility is biggest loser on Germany’s Dax Index on Wednesday
- EON pushes for nuclear deal, saying it has investor support
This article is for subscribers only.
EON SE posted a first-half loss after taking 3.8 billion euros ($4.2 billion) in charges linked to the listing next month of its Uniper unit. Its shares slumped the most in more than six weeks.
The impairments and contingency losses for its power stations burning fossil-fuel and natural gas storage assets led to a net loss of 3.03 billion euros compared with a 1.15 billion-euro profit a year earlier, the Essen-based company said Wednesday. EON expects an annual net loss for 2016, Chief Executive Officer Johannes Teyssen told reporters on a call, without specifying an amount.