E.on, Europe’s largest power company, lost almost 7 billion euros last year (2015). A year earlier it lost 3.2 billion euros.
The German power giant was hit not only by low prices on the electricity exchanges, but the losses were also due to significant „impairment charges“ as the company writes down the value of its conventional coal and gas power plant assets.
„Difficult times“ says E.on Chairman of the Board and CEO Johannes Teyssen Source : E.ON SE
That sort of thing happens when a power company is forced by law to buy haphazard, money-losing solar and wind energy at exorbitant prices and sell it at a loss on the power exchanges. There’s no turnaround in sight.