E.On posts loss as Germany ditches nuclear
BERLIN (AP) — Utility company E.On says it lost euro1.9 billion ($2.5 billion) last year as the German government's decision to shut down several nuclear power plants weighed on earnings.
Germany's biggest power supplier said Wednesday the forced shutdown of some of its atomic reactors in the wake of Japan's Fukushima nuclear disaster alone cost the company euro2.5 billion.
The company says a new tax on nuclear fuel, lower earnings in its power generation unit and declining margins in the natural gas business also contributed to the net loss, which comes after a euro6.3 billion profit in 2010.
Despite the loss, E.On says sales were up by 22 percent from euro93 billion to euro113 billion and that it is now "past the worst."
It expects a profit this year of up to euro2.7 billion.
