E.On says 'past the worst' after annual loss

Gas hob E.On cut its standard electricity prices by 6% last month

Energy company E.On has claimed it is "past the worst", but still made an annual loss in 2011.

The German firm had a net loss of 2.2bn euros (£1.8bn), compared to a profit of 5.85bn euros in 2010.

"For 2012, we expect to post an earnings increase that will continue in subsequent years," E.On said.

The company plans to return to profitability by cutting costs and expanding outside of Europe, beginning with Brazil.

The firm said it will invest 7bn euros in renewable energy over the next five years, of which 2bn euros will be spent on new offshore wind farms in Germany, the United Kingdom, and Sweden.

"We made good progress implementing our strategy," chief executive Johannes Teyssen said.

"We're pleased by the significant earnings growth in renewables, power generation in Russia, and gas production. This demonstrates that we defined the right growth businesses."

More on This Story

Business of Energy

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.