E.ON to Invest Around $35 Billion in Energy Transition in Coming Years
March 15 2023 - 2:57AM
Dow Jones News
By Mauro Orru
E.ON SE is planning to invest 33 billion euros ($35.42 billion)
in the coming years as it banks on a turbo-charged energy
transition in Europe after a challenging year for energy markets
marked by the war in Ukraine.
The German energy company said Wednesday that it would leverage
more than 95% of the investment until 2027 to meet the European
Union's taxonomy's sustainability criteria.
"Decarbonization, the energy transition, and the expansion of
infrastructure must be massively accelerated. For our business,
this will mean big growth potential," Chief Executive Leonhard
Birnbaum said.
The announcement comes after E.ON posted an annual net profit of
EUR1.83 billion, down 61% on the year. Adjusted net income climbed
9% to EUR2.73 billion.
Adjusted earnings before interest, taxes, depreciation, and
amortization--one of E.ON's preferred measures of
profitability--grew 2% to EUR8.06 billion.
E.ON said it would propose a EUR0.51 a share dividend for 2022,
above the EUR0.49 a share it paid for 2021.
Annual sales jumped 50% to EUR115.66 billion.
E.ON said 2023 will also be a crisis year. The company expects
adjusted net income of EUR2.3 billion to EUR2.5 billion, and
adjusted Ebitda of EUR7.8 billion to EUR8 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 15, 2023 02:42 ET (06:42 GMT)
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