German power blames plunging wholesale electricity and oil prices for €3.2bn loss, and uses annual results to give details of plans to split business into two
E.ON, the German power group and one of the UK’s “big six” energy suppliers, has reported record annual losses as it prepares to unveil details of how it will hive off its troubled fossil fuel business.
The company blamed plunging wholesale electricity prices and very low oil prices for the €3.2bn deficit, which is more than 50% bigger than the loss recorded 12 months earlier.