World, As Seen from the most beautiful islands: Ireland and Cyprus

E.ON affected by the COVID-19 outbreak


The German energy giant E.ON is hit by the COVID-19 outbreak. The parent company of the Dutch Essent expects profit to be under pressure this year due to a fall in demand for electricity. The group also fears that investment projects will be delayed by the virus outbreak.

This warning from E.ON underlines how severely the virus is hitting the largest economy in Europe. Germany, however, was strongly committed to the transition to renewable energy. If major E.ON projects come to a halt, the negative consequences will likely be felt for many years to come.

This year, EO.N is still counting on an increase in its operating result, possibly up to 4.1 billion euros. But that estimate does not take into account all the turmoil surrounding the new coronavirus.

Last year, E.ON benefited strongly from the takeover of Innogy. The operating result rose to 3.2 billion euros, from 3 billion euros a year earlier. Net profit remained at a level around 1.5 billion euros.

The European Commission gave the green light in September for the acquisition of Innogy by E.ON. That transaction went through a complex deal between E.ON and RWE, which involved exchanging activities. E.ON will now focus more on distribution and sales of energy and gas to households.

Written by: Patrick O'Brien

Patrick O'Brien is a student who is taking only the first steps in journalism. The main interest is events from the world of macroeconomics and finance.

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World, As Seen from the most beautiful islands: Ireland and Cyprus

From Trinity st. to Limassol, Cyprus

Ireland and Cyprus have one thing in common. The most beautiful islands are divided. Even proportions are strikingly similar. Both nations strive for unity and a good glass of the news. More about us under the link.

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