E.ON set for another record loss in 2016 - reports

German energy company E.ON is set for another year of record losses, according to German daily newspaper Handelsbatt.

The firm will announce its earnings on 9 November, and the paper said that it will report losses greater than that experienced last year, which were $7.7bn.

The major losses have been caused by a plummeting of wholesale electrical prices, as well as the cost of decommissioning the company's nuclear power plants in an attempt to move itself towards renewable energy.

Shares in the German firm fell on Wednesday, after the German government approved a law that requires nuclear energy suppliers to contribute to a fund to finance storage of fuel waste.

E.ON welcomed the decision, however.

"With this legislation, the company sees a chance to achieve a social consensus regarding an issue that has been controversial for decades," it said in a statement.