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    E.ON outperforms its own forecasts for 2022, thanks to its non-core business division

    February 8, 2023 - CE Noticias Financieras


      FRANCOPORT, Feb 8 (Reuters) - E.ON, Europe's biggest power grid operator, probably beat its own 2022 profit forecast thanks to a division that includes former nuclear power plants, boosting its shares to the top of Germany's selective stock market on Wednesday.

      E.ON late Tuesday indicated a better-than-expected performance at its non-strategic subsidiary, which encompasses its remaining nuclear power plants and its business in Turkey, for an adjusted operating profit (EBITDA) of around 8 billion euros ($8.6 billion) in 2022.

      Adjusted net profit would likely stand at E2.7 billion, according to the group, which had forecast adjusted gross operating profit or EBITDA of between E7.6 billion and E7.8 billion and adjusted net profit of between E2.3 billion and E2.5 billion.

      Shares were up 2% following the news. One local broker said investors should expect some profit-taking throughout the day, as the improvement was due to operations that E.ON no longer considers core.

      These include its nuclear activities, which encompass the decommissioning of plants that are no longer in operation, as well as E.ON's 1.4-gigawatt Isar 2 reactor, the only block still producing electricity.

      Isar 2 is one of three nuclear reactors still operating in Germany, which extended its lifetime to ensure security of supply following Moscow's move to end gas supplies.

      Their closure was originally planned for the end of 2022, but they are currently scheduled to cease operation in mid-April.

      (1 dollar = 0.9326 euros)

      (Report by Christoph Steitz, edited in English by Tomás Cobos)


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