E.ON posts €7bn loss, UK profits flat
Updated : 14:40
The German parent of one of the UK's big six energy firms more than doubled its annual losses to €7bn (£5.4bn) on Wednesday, with its UK profits flat.
E.ON blamed the poor performance on a writedown in the value of its loss-making power generation assets of €8.8bn.
It also issued a warning for the year ahead, with the disposal of its North Sea assets hurting its outlook for the 2016 financial year.
"The course ahead will be tougher and longer than anticipated," the company's board said in a statement.
In the UK specifically, E.ON said overall profits were flat on the previous year, with more renewable energy projects coming online, including the Humber Gateway wind farm.
The firm blamed a 3.5% cut to standard gas tariffs last January for a fall in profits in its supply division, where earnings fell 9% to £267m.
Both E.ON and its stablemate at the top of Germany's energy industry - npower owner RWE - had written off billions in the value of their conventional energy assets recently.
The companies have blamed a shift in German government policy towards renewable energy, as well as the forced closure of all nuclear plants in the country after the Fukushima disaster in Japan.