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German energy group Eon on the mend

August 9, 2017

Germany's second-largest energy supplier, Eon, has posted forecast-beating results for the first half of the year. The company said it now had some leeway again to invest in growth after record losses last year.

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Eon power plant
Image: picture-alliance/dpa

German utility Eon booked adjusted bottom-line earnings of 881 million euros ($1.04 billion) for the first half of the year due to higher margins at its key network business in Sweden and its home market, the company reported Wednesday.

Including one-of effects, net profit came in at 3.8 billion euros after the company got back some 3.3 billion euros from the German government.

The latter had lost a court case, with judges at the country's highest court ruling in July that a tax on nuclear fuel rods was illegal. The verdict overruled a decision by the European Court of Justice, which had said the nuclear fuel tax did not breach EU laws.

Adapting to Germany's energy transition

Increased income in the first six months of the year prompted Eon Chief Executive Johannes Teyssen to speak of mounting investment activities in the months ahead.

"We now have some financial leeway to invest in growth," he said in a statement Wednesday as the company recovered from a record loss of 16 billion euros last year.

First-half adjusted operating earnings amounted to 1.77 billion euros, marking a 12-percent drop year on year. But the figure was still higher than the 1.56-billion-euro average forecast in a Reuters poll among banks and brokerages.

Energy giants sue German government over nuclear law

hg/jd (dpa, Reuters)