Companies & Finance

E.On records €16 bln loss

German utility E.On registered a net loss of €16 billion in 2016 – the highest in the company’s history.
By Staff reporter 15 March 2017 0 25050

German utility E.On registered a net loss of €16 billion ($17 billion) in 2016 – the highest in the company’s history – mainly as a result of €6.1 billion in writedowns it made on spin-off company Uniper, which started operations in January 2016, and payments made to Germany’s state fund to cover the costs of disposing and storing nuclear waste.

E.On plans to reduce its debt by €7 billion and cut 1,300 jobs.

Uniper was formed in 2016 to separate E.On’s fossil fuel assets and help it...