Earnings at Eon’s renewables division mirrored a wider group trend last year, declining by 10% to €1.35bn, down from €1.5bn in 2014.
The company released its annual results today which showed EDITDA falls in its main hydro, wind and solar operations, as well as the wider group’s results.
Eon blamed a €43m fall in earnings in its wind and solar business on divestments and high earnings due to a 2014 “buy and sell strategy”.
It said a €111m drop in earning in its hydro business was due to lower wholesale prices and its sale of operations in Spain in Italy.
However, Eon said the 288MW Amrumbank West and 219MW Humber Gateway which both entered production last year had a “significant positive impact” on earnings.
Full group earnings ended at €7.6bn, also down some 10% on 2014.
Eon added that investments in renewables declined from €1.2bn to €1bn. The majority of the cash was spent on offshore wind.
Earlier this year, Eon completed a split of its business operations with new company Uniper taking control of the conventional power generation assets and trading.
CEO Johannes Teyssen said: “We posted solid operating results in a very difficult market environment. Our numbers reflect the far-reaching structural transformation that our industry is experiencing and that continues unabated in the current year.
“Our strategy of having Eon and Uniper focus on their respective energy world is the right response to this transformation. But the course ahead will be tougher and longer than anticipated.”
Image: Humber Gateway offshore wind farm (Eon)
