German power giant E.ON posts a massive £5.4 billion loss

© AFP/File Patrik Stollarz

Frankfurt (AFP) - German power giant E.ON on Wednesday said it booked a massive 7.0-billion-euro (£5.4 billion, $7.7-billion) net loss in 2015 and warned that "the course ahead will be tougher and longer than anticipated."

E.ON said in a statement that "impairment charges of 8.8 billion euros... primarily on generation assets resulted in a substantial net loss of 7.0 billion euros" last year.

And it warned that as a result of its planned spin-off of its conventional oil and gas-fired power activities, it expects the outlook for 2016 "to be significantly lower" than previously predicted.

 

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