(Updates with trading volume in fourth paragraph.)
Aug. 13 (Bloomberg) -- EON SE, Germany’s biggest utility, said its proprietary energy trading loss narrowed in the first six months after lower earnings in gas, oil and eastern European power markets.
The Dusseldorf-based company made a loss from trading energy for its own account of 13 million euros ($17.3 million) on an earnings before interest, tax, depreciation and amortization basis, according to its first-half report published today. That compares with a loss of 31 million euros in the same period last year.
EON’s profit from optimization, or maximizing the value of its power plants, fell 50 percent to 641 million euros, the company said.
The company’s trading volumes were “relatively stable” in the six months through June, CEO Johannes Teyssen said on an earnings call with reporters, without giving details. EON traded 832 terawatt-hours of power in the first half of last year, 7.8% less than in the same period of 2011. The utility traded less power in the first quarter of this year, according to earnings published on May 8 that didn’t give details.
EON buys and sells electricity, natural gas, oil, coal, carbon emissions and biomass through its global commodities unit.
--Editors: Rob Verdonck, Andrew Reierson