E.on bids farewell to fossil past with huge debt

E.on's last year of oil and nuclear power on the books has prompted historically large losses for the German energy conglomerate. Now it is time to look ahead, says CEO Johannes Teyssen.

Divesting of its oil and nuclear businesses in 2016 has proved a costly venture for E.on, reveals the annual report recently released by the German conglomerate.

The bottom line is heavily burdened by write-downs and has booked historically high losses of EUR 16 billion, compared with a EUR 6.3 billion loss in 2015. The loss is attributed to the divestment of the company's oil activities to Uniper SE from Jan. 1, 2016, which together with the German government's decision to drop the construction of power plants has "left deep scars in our balance sheet," as the company puts it.

However, the German group maintains a positive outlook.

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