E.On clears up the past with €16bn full-year loss
German energy giant E.On claims it has left "the burdens of the past" behind after reporting a record €16bn (£13.9bn) full-year loss.
The loss mainly reflects E.On's move away from generating electricity from fossil fuels and a greater focus on renewable energy. Charges last year included a €13bn writedown on the value of its recently spun-off power business Uniper. E.On also paid €2bn towards a domestic policy of phasing out nuclear energy. The company, which recently raised gas and electricity prices in the UK, said: "E.On has now fully accounted for the impact of its new strategy. Its balance sheet for the 2016 financial year will be the last to reflect the burdens of the past." The full-year figure is more than double the €6.3bn loss it reported in the previous year. However, stripping out one-off costs, E.On reported a profit of €3.1bn The company has promised to reduce its debt by €7bn to around €20bn. Chief executive Johannes Teyssen described 2016 as "a transitional year" and a "turning point" which "clears E.On's way into the new energy world".