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☆ These global stocks will soar on an $858 billion electric boom, Goldman says, giving one 45% upside
▼ + stars: | 2024-05-03 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

They project that 800 billion euros ($857.5 billion) will be spent on Europe's power transmission and distribution, thanks in part to "years of under-investment." Here are three of Goldman's buy-rated stocks with over 30% upside potential in the next 12 months. That gives the German stock — which is on Goldman's conviction list — about 35% potential upside. Goldman has a target price of 2,024 British pence on the stock, giving it around 42.8% upside potential. Goldman has a target price of 135 euros on the stock, giving it 45.5% upside potential.

Persons: Goldman Sachs, Goldman, Elia, — CNBC's Michael Bloom Organizations: E.on Goldman, E.on, Goldman Locations: Europe, Belgian

☆ E.ON CEO says infrastructure bottlenecks are expensive, delay transition to clean energy
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailE.ON CEO says infrastructure bottlenecks are expensive, delay transition to clean energyLeo Birnbaum, CEO of E.ON, discusses full-year results, and explains how the company is attempting to support energy supply through a new sustainable grid system.

Persons: Leo Birnbaum Organizations: E.ON

☆ Italy's Eni wins in arbitration case against Uniper -sources
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo Acquire Licensing RightsLONDON/MILAN/FRANKFURT, Nov 27 (Reuters) - Eni has won a $600-million award after an arbitration court decided in the Italian firm's favour and against Germany's Uniper in a row over a liquefied natural gas (LNG) supply contract, three trading sources said. The 2017 annual report by the International Group of LNG Importers (GIIGNL) showed a 15-year contract under which Eni supplied Uniper with 0.65 million tonnes of LNG per annum between 2007 and 2022. Eni was not immediately available for comment. ($1 = 0.9168 euros)Reporting by Marwa Rashad, Francesca Landini and Christoph Steitz Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

Persons: Alessandro Bianchi, Germany's, Uniper, Eni, Marwa Rashad, Francesca Landini, Christoph Steitz, Miranda Murray Organizations: Eni, REUTERS, Sunday, International Chamber of Commerce, E.ON, International Group, Thomson Locations: Rome, Italy, MILAN, FRANKFURT

☆ Meta says it locked pro-Palestinian accounts after signs of security compromise
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +3 min

Meta , the owner of Instagram and Facebook, said Wednesday that its security staff had detected a possible hacking attempt on pro-Palestinian accounts with millions of followers and locked the accounts while it tries to reach the account owners. But Meta said late Wednesday that it had disabled the accounts because of security concerns. "These accounts were initially locked for security reasons after signs of compromise, and we're working to make contact with the account owners to ensure they have access," Meta spokesperson Andy Stone said in a statement. The account owners couldn't be reached by NBC News for comment Wednesday, including by email. "These accounts were initially locked for security reasons after signs of compromise," Stone said in a text message.

Persons: @eye.on.palestine, It's, Meta, Andy Stone, Stone, couldn't, We've, X didn't Organizations: Hamas, West Bank, Meta, Facebook, NBC News, Palestine Telegram Locations: Gaza, Israel, Palestinian, Hebron, Palestine

☆ Deutsche Bank just cut its price target on nearly 30 global stocks ahead of earnings — and upgraded 1
▼ + stars: | 2023-10-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . In online food delivery, Deutsche Bank said its proprietary data shows demand stabilizing for takeaway apps across markets it monitors. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts. Deutsche Bank analysts prefer integrated utilities like RWE , Enel , SSE , and E.ON , reiterating "buy" ratings on the stocks but lowering their price targets by 2% and 12%.

Organizations: Deutsche Bank, E.ON, Fineco Bank Locations: Swiss, Enel

The International Energy Agency (IEA) report published this week revealed that a growing volume of renewable energy generation is being stalled as developers wait for projects to be connected to national electricity grids. Since the report's release on Monday, share prices of companies engaged in building electric grids, or with products and services tied to grid modernisation, have outperformed firms that are focused on renewable energy generation. The share prices of certain firms that hold these particular skill or product sets have seen signs of heightened buying interest this week since the IEA report was published, indicating that some investors may be already placing bets that grid specialist firms may be primed for growth going forward. Germany's E.ON (EONGn.DE), which has a major energy networks division, is up roughly 17% this year, LSEG data shows. Firms that develop smart meters and other grid management tools are also expected to see growth in demand for their services by power companies.

Persons: Lisi Niesner, Gavin Maguire, Muralikumar Organizations: REUTERS, International Energy Agency, IEA, FOCUS, Mastec Inc, U.S, Fluor Corp, Eaton Corporation, E.ON, Reuters, Thomson Locations: Weselitz, Germany, LITTLETON , Colorado, U.S, Ireland

☆ Q+A What is known about the Nord Stream gas pipeline explosions
▼ + stars: | 2023-09-26 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +8 min

This is what we know so far:WHAT ARE NORD STREAM PIPELINES? The multibillion-dollar infrastructure project was built by Russia's Gazprom (GAZP.MM) in two stages - Nord Stream 1 and Nord Stream 2. Gazprom owns 51% of Nord Stream 1, while Germany's E.ON (EONGn.DE) and Wintershall Dea (WINT.UL) have 15.5% each, while French Engie (ENGIE.PA) and Dutch Gasunie (GSUNI.UL) hold 9% each in Nord Stream 1. Nord Stream 2, fully owned by Gazprom and operated by Nord Stream 2 AG, was completed in September 2021 at a cost of $11 billion, but was never put into operation because Germany had cancelled Nord Stream 2's certification days before Russia's invasion of Ukraine on Feb. 24, 2022. The Nord Stream pipelines have been a flashpoint in an energy dispute between Europe and Moscow since Russia's invasion of Ukraine.

Persons: Pipes, Fabian Bimmer, Wintershall, OMV, Peter Frank, Die, Seymour Hersh, Mats Ljungqvist, Der Spiegel, Der Siegel, BfV, Nerijus Adomaitis, Christoph Steitz, Nina Chestney, Ros Russell Organizations: REUTERS, Rights, Gazprom, Nord, E.ON, Shell, . Security, WHO, Washington Post, Die Welt, . Security Council, Reuters, Street, ZDF, Kyiv, CIA, NDR, WDR, German Federal Intelligence Service, Thomson Locations: Baltic, Mukran, Germany, Rights OSLO, Russia, Swedish, Bornholm, Sweden, Denmark, Nord, Ukraine, Uniper, Washington, NATO, Moscow, Kaliningrad, Russian, Britain ., U.S, Norway, China, Brazil, Rostock, Wiek, Rugen, Danish, Christianso, Kolobrzeg, Poland, Europe, United States, Oslo, Frankfurt

☆ Climate tech startups Treefera, ReSeed, Vaulted Deep, and Skyqraft raised a combined $18.6 million this month. Check out the pitch decks they used to raise the funds.
▼ + stars: | 2023-09-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +6 min

Early-stage climate tech startups Treefera, ReSeed, Vaulted Deep, and Skyqraft have raised a collective $18.6 million in fresh funds this month. It can monitor tree health, carbon sequestration, and the likelihood of a forest fire or drought, which may put the project at risk, in "near-time." Check out the 21-slide redacted pitch deck they used to raise the funds below:ReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedReSeedCarbon sequestration company Vaulted Deep raised $8 millionVaulted Deep, a Texas-based carbon removal and sequestration company, raised an $8 million seed round from Chris Sacca's Lowercarbon Capital. Vaulted Deep already has two injection sites, where waste is injected deep into the Earth. Check out the 11-slide pitch deck below:Vaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepVaulted DeepSkyqraft raised $3.8 million to monitor energy infrastructureSkyqraft, a Stockholm-based startup hoping to improve the resilience of energy infrastructure, also secured $3.8 million earlier this month.

Persons: Morgan, Jonathan Horn, Caroline Grey, Greg Lavender, ReSeed, Baratunde Thurston, Chris Sacca's, Advantek, Louise Gauffin, Gauffin Organizations: Global, Concept Ventures, Twin Path Ventures, Ventures, Thorn Partners, Earthshot Ventures, E.ON, Subvenio, Neptunia Invest Locations: London, New York, The Pennsylvania, Texas, Stockholm

☆ German court throws out lower grid operator returns set by regulator
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

Electrical power pylons with high-voltage power lines are seen next to wind turbines near Weselitz, Germany November 18, 2022. REUTERS/Lisi Niesner/File Photo Acquire Licensing RightsFRANKFURT, Aug 30 (Reuters) - A German court on Wednesday threw out the rates of return for power and gas network infrastructure operators set in 2021 by the grid regulator, saying companies were right to complain they were too low. The federal regulator, called the Bundesnetzagentur, had set permitted future returns for new power and gas infrastructure at 5.07%, versus 6.91% previously, leading 900 operators of local distribution networks to launch an appeal. The court in June heard test cases from 14 selected companies and upheld their arguments, it said in a statement. Leading power grid companies including E.ON (EONGn.DE) and EnBW (EBKG.DE) have said they need more money to remain competitive when billions of euros must be spent to accommodate more wind and solar power production plants on the grids.

Persons: Lisi Niesner, Kerstin Andreae, Vera Eckert, Tom Kaeckenhoff, Mark Potter, Mark Porter Organizations: REUTERS, Rights, Wednesday, E.ON, Thomson Locations: Weselitz, Germany, Ukraine

☆ Morning Bid: Banking news unnerves ahead of US CPI
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File PhotoA look at the day ahead in European and global markets from Brigid RileyMarkets have a full plate on Wednesday, taking in China's disappointing inflation data while awaiting tomorrow's U.S. CPI report, and processing a surprise banking windfall tax announcement from Italy. The banking sector in Europe is still reeling after Italy unexpectedly approved a 40% windfall tax, although authorities added in a statement on Tuesday that the new tax could not breach 0.1% of a lender's total assets. European markets will be on guard for similar moves in other countries. Eyes are turning to the fast-approaching U.S. inflation report after mostly dovish comments from several Fed officials this week. Dutch supermarket chain Ahold Delhaize (AD.AS) and Germany-based E.ON (EONGn.DE), Europe's largest energy company, also announce earnings.

Persons: King of Prussia, Mark Makela, Brigid Riley, there's, Ahold, Edmund Klamann Organizations: King of Prussia , Pennsylvania U.S, REUTERS, Brigid Riley Markets, U.S, CPI, Walt Disney Co, E.ON, Reuters Graphics Reuters, Illumina, Walt Disney, Thomson Locations: King, King of Prussia , Pennsylvania, Brigid, Italy, Europe, Asia, China, Germany

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

☆ Goldman Sachs names 3 stocks to gain from Germany's $440 billion clean energy plans
▼ + stars: | 2023-05-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs named the three global companies it expects to benefit from the German government's plan to spend nearly half a trillion euros on renewable energy infrastructure. The proposed measures include a 2030 target to have 80% renewable energy and cheaper financing for developers of clean energy sources through green bonds. Goldman Sachs has estimated that this German plan will create investment opportunities worth nearly 400 billion euros ($440 billion) in clean energy and power grid infrastructure. RWE Goldman Sachs said RWE , a renewable energy generator, could accelerate the development of clean energy projects and capture a market share equivalent to its current installed base globally. Goldman Sachs added that the U.S.'s IRA and Europe's REPowerEU initiative would also be a tailwind for the company's growth plans.

☆ Fresenius Medical's operating profit drops less than feared as labour shortages ease
▼ + stars: | 2023-05-09 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, May 9 (Reuters) - Fresenius Medical Care (FMEG.DE) said on Tuesday labour shortages were slowly easing as the German dialysis specialist reported a drop in its first-quarter adjusted operating income, although not as steep as feared by some analysts. The company said in a statement on Tuesday its adjusted operating income dropped to 354 million euros ($390 million), compared with the median analysts' estimate of 335 million in a consensus posted on the company's website. The dialysis group's parent Fresenius SE (FREG.DE) has said this year it would cede control over the struggling dialysis firm, but keep its stake for now as part of a turnaround plan. Fresenius Medical, which was hit hard by a high rate of COVID-19 deaths among its patients, said this burden was easing, though excess mortality for now continued to weigh on growth. Its parent company, German healthcare group Fresenius (FREG.DE), said on Tuesday its first-quarter operating earnings slipped a currency-adjusted 10%.

☆ German government rejects Bavaria's request for nuclear power comeback
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 16 (Reuters) - Germany's Environment Ministry on Sunday rejected a demand from the state of Bavaria to allow it to continue operating nuclear power plants, saying jurisdiction for such facilities lies with the federal government. Germany pulled the plug on its last three nuclear power stations on Saturday, ending a six-decade programme, as Berlin enacts a plan to move to fully renewable electricity generation by 2035. The state is home to Isar II, run by German utility E.ON (EONGn.DE), which is a 1,400 megawatt (MW) plant, able to power the equivalent of a metropolis. Environment Minister Steffi Lemke said the authorisation for Isar II had expired and restarting its reactor would require a new license. "It is important to accept the state of the art in science and technology and to respect the decision of the German Bundestag," Lemke said in a statement sent to Reuters.

☆ Bavaria asks for nuclear power comeback under own responsibility after fresh exit
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 16 (Reuters) - The German state of Bavaria wants to continue operating nuclear power plants under state own responsibility, State Premier Markus Soeder was quoted as saying, bringing a possible comeback for the power energy Germany finished phasing out on Saturday. The state, home to many of Germany's most successful exporting manufacturers, wants the federal government to change the nuclear exit law to allow operating such nuclear power stations under the state's own responsibility, Soeder said. "Bavaria is ready to take on this responsibility," he said, adding that Bavaria also wants to be a pioneer in nuclear fusion research and to construct of its own research reactor. Germany pulled the plug on its last three nuclear power stations on Saturday, including Bavaria's Isar II, ending a six-decade programme as Berlin enacts its plan for fully-renewable electricity generation by 2035. Isar II, run by German utility E.ON (EONGn.DE), is a 1,400 megawatt (MW) plant, able to power the equivalent of a metropolis.

Uwe Oppitz of Rhenus Ports, who speaks for Energy Hub Port Wilhelmshaven, said that Wintershall Dea (WINT.UL) (BASFn.DE), Uniper (UN01.DE) and Tree Energy Solutions (TES) plan to spend a total of more than 5 billion euros at Wilhelmshaven. Energy Hub Port Wilhelmshaven comprises 30 companies, which include E.ON (EONGn.DE), RWE (RWEG.DE) and Orsted (ORSTED.CO), as well as Wilhelmshaven's home state of Lower Saxony. "Wintershall Dea plans to invest around 1 billion euros in the Wilhelmshaven site together with its partners," it said. And steelmaker Salzgitter (SZGG.DE) has already struck a deal with Uniper to receive green hydrogen for its steel mill processes, replacing essential fossil-fuel produced hydrogen. "We don't want to push green hydrogen to the side.

☆ Energy firms lose UK legal challenge over sale of collapsed rival Bulb
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] A British Gas sign is seen outside its offices in Staines in southern England, July 31, 2014. REUTERS/Toby Melville/File PhotoLONDON, March 31 (Reuters) - Centrica's British Gas, Scottish Power and E.ON on Friday lost a court challenge over the British government’s handling of the sale of collapsed energy firm Bulb. The three other energy suppliers had argued the government had unlawfully committed billions of pounds of taxpayers' money to prop up Bulb, without considering the potential impact on the wider energy market. "It's clear that the case was a desperate attempt by those organisations to defend their waning market positions against a more efficient and customer-focused rival," Octopus Energy said in a statement. The addition of Bulb's customers catapulted Octopus to become the country's third largest domestic energy supplier behind British Gas and E.ON.

☆ Enel self-help plan has one known unknown
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 17 (Reuters Breakingviews) - Enel (ENEI.MI) Chief Executive Francesco Starace’s slim-down plan is not getting enough attention. That prompted the group to start aggressively selling assets in places like Chile, Argentina and Romania to cut debt by 21 billion euros. As of Thursday, it had clinched sales equivalent to around 8 billion euros, while net debt had fallen to 60 billion euros. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation pipelines. If Enel replaces its green champion with someone less competent, investors may stay jittery.

☆ U.S. says intel suggests pro-Ukrainian group sabotaged Nord Stream pipelines -NYT
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, March 7 (Reuters) - New intelligence reviewed by U.S. officials suggests that a pro-Ukrainian group of likely Ukrainian or Russian nationals carried out the attack on the Nord Stream pipelines last year, but the intelligence reached no firm conclusions, the New York Times reported on Tuesday. Built by Russia's state-controlled Gazprom (GAZP.MM), the Nord Stream gas pipelines connect Russia and Germany. "Officials who have reviewed the intelligence said they believed the saboteurs were most likely Ukrainian or Russian nationals, or some combination of the two. Moscow this week called for all Nord Stream stakeholders to decide its fate after three of the four pipelines were destroyed in the attacks. German energy company E.ON (EONGn.DE), one of the shareholders of the Nord Stream pipeline, declined to comment.

☆ UK to extend energy bill help for 3 months - source
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

Government subsidies are scheduled to be scaled back from next month, meaning average annual bills would rise to 3,000 pounds ($3,600) from 2,500 pounds now. Hunt is due to deliver a budget statement on March 15, when any extension to the level of support could be announced. "The Chancellor has been clear that we will keep all our support under review... we are already doing all we can to support people struggling with high energy bills," a spokesperson for prime minister Rishi Sunak said on Friday. Hunt can count on a roughly 30-billion-pound windfall as he prepares his budget, according to the Institute for Fiscal Studies (IFS). Keeping the current level of energy subsidies would cost 2.7 billion pounds until the end of June, based on current energy price forecasts, the IFS estimated this week.

[1/5] The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Nord Stream 1 and Nord Stream 2, each consisting of two pipes, were built by Russia's state-controlled Gazprom to pump 110 billion cubic metres (bcm) of natural gas a year to Germany under the Baltic Sea. Three of the pipes were ruptured by unexplained blasts in September, and one of the Nord Stream 2 pipes remains intact. Engie (ENGIE.PA), Gasunie (GSUNI.UL) and Wintershall DEA (WINT.UL) (BASFn.DE) - stakeholders in Nord Stream AG, the operator of Nord Stream 1 - declined to comment. The similar-sized Nord Stream 2 had been completed in September 2021 as tensions with Russia were growing and ran in trouble as Germany's regulators refused to certify it.

Healthcare group Fresenius (FREG.DE) said late on Tuesday it would give up strategic control over FMC via a planned change of the division's legal form, also releasing annual results and an outlook that failed to impress investors. Fresenius CEO Michael Sen, a former E.ON (EONGn.DE) and Siemens (SIEGn.DE) executive who took over the helm in October, wants to simplify the company's structure but said he will hang onto the 32% stake Fresenius owns in FMC. This makes a sale more likely in the future, said Florian Oberhofer, portfolio manager at Union Investment, which holds 0.26% of Fresenius shares. Sen said Fresenius was banking on a business improvement at FMC and Vamed and on participating financially in this through its holdings in both. FMC and Fresenius shares lagReporting by Ludwig Burger and Patricia Weiss; Additional reporting by Christoph Steitz; Writing by Rachel More; Editing by Josephine Mason, Elaine Hardcastle and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ E.ON: supply region of Turkish JV Enerjisa affected by earthquake
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 8 (Reuters) - E.ON (EONGn.DE) on Wednesday said the devastating earthquake in southern Turkey has affected the supply area of local power grid operator Enerjisa Enerji (ENJSA.IS), in which the German group owns 40%, adding that repair work was currently underway. "The supply area of our Turkish joint venture Enerjisa is also affected," the spokesperson said, adding the company mourned the loss of four employees while others were wounded, some in a critical condition. Enerjisa, in which Sabanci Holding (SAHOL.IS) also owns 40%, has more than 10 million customers in 14 Turkish provinces, including Adana and the surrounding region, which are among the affected parts of Turkey. Around 2,500 transformers - key components of long-distance power transmission - are still out of operation and 380,000 people are without electricity in Enerjisa's supply region, the spokesperson said, adding this was already down from 1 million shortly after the earthquake. Repairwork has started, the spokesperson said, adding that technical teams from less affected regions were providing support.

☆ E.ON tops own 2022 outlook, helped by non-core division
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies 2022 adjusted EBITDA at 8 bln eurosBoosted by division that includes nuclear powerShares up 2%FRANKFURT, Feb 8 (Reuters) - E.ON (EONGn.DE), Europe's largest operator of energy networks, likely exceeded its own profit outlook in 2022 thanks to its division that includes legacy nuclear plants, pushing its shares to the top of Germany's blue-chip index on Wednesday. E.ON late on Tuesday cited a better than expected performance at its non-core unit, which covers its remaining nuclear power plants and its Turkey business, for adjusted core profit (EBITDA) of around 8 billion euros ($8.6 billion) in 2022. Adjusted net income likely came in at 2.7 billion euros, the group said. It had forecast adjusted EBITDA of 7.6 billion to 7.8 billion euros and adjusted net profit of 2.3 billion to 2.5 billion euros. Originally slated for shut-down at the end of 2022, they are currently scheduled to end operation in mid-April.

☆ E.ON tops own 2022 outlook, helped by non-core business
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Feb 7 (Reuters) - E.ON (EONGn.DE), Europe's largest operator of energy networks, likely exceeded its own profit outlook in 2022, the company said on Tuesday, citing a better than expected development at its non-core divisions, which covers nuclear and Turkey. The company, which is due to release full-year results on March 15, expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of around 8 billion euros ($8.6 billion) and adjusted net profit of 2.7 billion. It had forecast adjusted EBITDA of 7.6 billion to 7.8 billion euros and adjusted net profit of 2.3 billion to 2.5 billion euros. ($1 = 0.9326 euros)Reporting by Christoph Steitz, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

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