Germany's E.ON Warns of More Plant Closures
GALWAY, IRELAND--March 19, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Germany's largest utility E.ON AG (OTC:EONGY) (Dusseldorf, Germany) intends to shut more than a quarter of its conventional power plants in Europe and continue cutting costs as the company reported poor 2013 financial results.
Citing challenging conditions in the fossil-fuel power generation market and increasing competition from subsidised renewable energy, it reported net income of 2.24 billion ($3.11 billion), down from 2012's 4.17 billion ($5.8 billion).