E.ON posts core profit drop on Swedish, eastern European grid business

© Reuters.

FRANKFURT (Reuters) – E.ON, Europe’s largest operator of energy networks, on Wednesday posted a 15% drop in first-quarter core profit, blaming temporary losses at its grid businesses in Sweden and East-Central Europe that it will be able to recoup.

The company, a shareholder in the Nord Stream 1 pipeline that brings Russian gas to Germany, also kept its outlook for 2022 and confirmed its investment plans of 5.3 billion euros ($5.6 billion) this year.

“Ending Europe’s dependence on Russian energy imports will require a substantial acceleration of the energy transition. E.ON’s investment program will make a decisive contribution,” Chief Financial Officer Marc Spieker said.

($1 = 0.9489 euros)


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