“E.ON profit misses estimates in earnings debut as green utility”

German utility E.ON’s first-quarter adjusted earnings before interest and taxes of just over 1 billion euros was around 34 percent below the previous-year figure, in line with the company’s expectations, the company has said in a press release. This was due to higher grid fees and higher procurement costs for power and gas in Germany and the UK, and the long standstill of nuclear power station Brokdorf, said E.ON.
The first quarter results “disappointed analysts in its first earnings report free of the writedowns from the fossil-fuel business it split from last year,” writes Tino Andresen for Bloomberg. “German power prices rose 33 percent in the quarter and UK gas jumped 42 percent from a year earlier, exposing the company to the volatile commodity markets it argued for months that the split from Uniper was designed to avoid,” writes Andresen.

Read the Bloomberg article in English here and find E.ON’s press release in English here.

Find background in the CLEW factsheet E.ON shareholders ratify energy giant’s split.