BERLIN, Nov. 9 (Xinhua) -- E.ON further devalued its stake in Nord Stream 1 gas pipeline to 100 million euros (100 million U.S. dollars), Germany's largest energy supplier said on Wednesday.
By mid-year, the company had already more than halved its value to 500 million euros.
Reasons for the write-off were "greater uncertainty amid the current situation", E.ON said in its quarterly statement.
Gas supplies from Russia to Europe through Nord Stream 1 were already cut at the beginning of September, before the pipeline was later rendered unusable by explosions. Russia subsequently offered to use Nord Stream 2 instead, which Germany and its partners have refused.
In the first nine months of the year, E.ON saw adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) almost stabled at 6.1 billion euros. In 2021, the company benefited from a special effect from reimbursements for the nuclear phaseout.
Sales in E.ON's core business of customer solutions rose by 65 percent to 63.3 billion euros. This was due to high energy prices, particularly in the markets in Germany, the United Kingdom and the Netherlands, according to the utility.
Although business was impacted by higher procurement costs, "our operational efforts enabled us to largely offset the adverse effects of the energy crisis," Chief Financial Officer (CFO) Marc Spieker said. (1 euro = 1 U.S. dollar)
