Germany’s largest energy firm, E.ON, has posted a record loss for the second year running
Its net loss more than doubled to 7.0 billion Euros as it had to write down the value of power stations to the tune of 8.8 billion Euros. Those plants no longer run for enough hours to turn a profit, being increasingly replaced by solar and wind power.
“Our numbers reflect the far-reaching structural transformation that our industry is experiencing and that continues unabated in the current year,” Chief Executive Johannes Teyssen said in a statement. “The course ahead will be tougher and longer than anticipated,” he added.
