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Utility E.On Q3 loss widens as sales slip

November 13, 2013

FRANKFURT, Germany (AP) — Germany-based utility E.On SE says its net loss widened in the third quarter as the company faced a difficult environment for its traditional power generating business.

Its net losses increased to 440 million euros ($590 million) from 114 million euros in the same quarter a year ago. Sales fell 13 percent to 24.69 billion euros.

E.On’s basic business generating electricity from gas and coal has suffered from competition with subsidized renewable energy and low prices. The company has responded by selling operations and by increasing the role renewable energy such as wind power plays in its earnings.

Duesseldorf-based E.On said Wednesday that operating earnings would now come in only at 9.2-9.3 billion euros this year, the lower end of its previous range of 9.2-9.8 billion.

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