E.On takes hit from German nuclear policy
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Germany’s biggest power supplier said today that the forced shutdown of some of its atomic reactors in the wake of Japan’s Fukushima nuclear disaster alone cost the company 2.5 billion euros (£2.1 billion).
The company said 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 6.3 billion euros (£5.3 billion) profit in 2010.
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Hide AdDespite the loss, E.On said sales were up by 22% from 93 billion euros (£77.9 billion) to 113 billion euros (£94.7 billion) and that it is now “past the worst”.
It expects a profit this year of up to 2.7 billion euros (£2.3 billion).