1.8 billion euros net loss for EnBW in 2016 “due to nuclear energy compromise”
German utility EnBW reports a 1.8 billion euros net loss after already fully incorporating in the 2016 financial statements an expected payment of 4.7 billion euros into the country’s nuclear clean-up fund. “Due to the law of reorganising responsibility for nuclear waste management, we were pushed to the very limits of our company's financial capabilities in 2016,” said Frank Mastiaux, Chairman of the Board of Management at EnBW, in a letter to shareholders. The company will suspend its annual dividend for the first time in 13 years, reports Reuters. While grids, renewable energies and sales already account for 80 percent of the operating result (adjusted EBITDA), the company would now focus on the future with "major projects such as the Hohe See offshore wind farm," said Mastiaux in a press release.
For background read the CLEW factsheet Securing utility payments for the nuclear clean-up.