EnergyWatch

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.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

US to bank more on nuclear power

Several US states are regarding nuclear power as a supplement to renewables when it comes to lowering emissions, but there is still opposition from a number of Democratic states.

Further reading

Related articles

Latest News

See all jobs