E.ON sees lower energy demand as coronavirus crisis bites

E.ON sees lower energy demand as coronavirus crisis bites

Reuters  | Mar 25, 2020 08:15

E.ON sees lower energy demand as coronavirus crisis bites

FRANKFURT (Reuters) - E.ON (DE:EONGn), Europe's largest energy networks operator, said on Wednesday industrial and commercial customers across the continent were consuming noticeably less energy as a result of the coronavirus outbreak.

"Overall, the energy industry ... won't be as hard hit as other industries. But we still expect the crisis to leave its mark on our bottom line," CEO Johannes Teyssen said as the group released full-year results.

Teyssen said the pandemic would have a temporary impact on the group's network and sales business, adding there could be delays in the company's ability to deliver energy infrastructure projects. He did not quantify the expected impact.

Financially vulnerable clients will not be disconnected from supply for the time being, Teyssen said.

The comments came as E.ON forecast rising profits in 2020, with the company cautioning that the possible impact from the coronavirus crisis had not been factored in yet.

The group expects adjusted earnings before interest and tax of between 3.9 billion euros (3.56 billion pounds) and 4.1 billion euros in 2020, compared with 3.2 billion euros a year earlier.

© Reuters. E.ON headquarters in Essen

The company forecast full-year adjusted net income of 1.7 billion euros to 1.9 billion euros, up from 1.5 billion euros in 2019.

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