|
|
Online Newsletter
Sign up for our newsletter to receive the latest news and information from publics.bg
Sign up for our newsletter to receive the latest news and information from publics.bg
News
World news
08.05.2013 14:39E.ON Reports 5% Decrease of Q1 Earnings
German utilities have been dealt an additional blow by the country's decision to exit nuclear power 2022 as well as the rise of renewables, presenting E.ON, RWE and EnBW with a challenge to find new areas of growth outside nuclear
© ednl@flickr.com
Germany's biggest utility, said on Wednesday first-quarter core earnings fell 5 percent, blaming weak energy consumption and low electricity prices in its main market Europe.
First-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to 3.58 billion euros, Reuters reported.
"The economic situation of our legacy business in Europe, particularly in conventional power generation, remains difficult," Chief Executive Johannes Teyssen said in a letter to shareholders.
E.ON made about 45 percent of its 2012 core profit in Europe, excluding Russia.
Sluggish energy demand in Europe has troubled the continent's utilities for years. The benchmark German contract for baseload power delivery in 2014 is down about 30 percent since the end of 2010.
German utilities have been dealt an additional blow by the country's decision to exit nuclear power 2022 as well as the rise of renewables, presenting E.ON, RWE and EnBW with a challenge to find new areas of growth outside nuclear.
In 2012, nuclear power accounted for more than a fifth of E.ON's power generation, while oil and natural gas had a 34 percent share.
All world newsNo published comments
Login to comment
Interview 
Full text
Events 
