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E.On announces £1.8bn loss

Energy company E.On has annonced a net loss of £1.8bn for 2011, compared with £4.8bn for 2010.

The company said: “For 2012, we expect to post an earnings increase that will continue in subsequent years.”

The company plans to return to profitability by cutting costs and expanding outside of Europe, beginning with Brazil.

The firm said it will invest £5.8bn in renewable energy over the next five years, of which £1.6bn will be spent on new offshore wind farms in Germany, the United Kingdom, and Sweden.

“We made good progress implementing our strategy,” chief executive Johannes Teyssen said.

“We’re pleased by the significant earnings growth in renewables, power generation in Russia, and gas production. This demonstrates that we defined the right growth businesses.”

Commenting on Big Six energy giant E.on’s financial results Friends of the Earth’s Energy Campaigner Paul Steedman said: “E.On bosses blame rising global gas prices for their slide in profits and increasing household fuel bills – yet they and the other big energy firms continue to keep the UK hooked on expensive imported gas.

“Gas is a costly, polluting dead end – to guarantee energy we can all afford we need to switch to clean British energy and slash energy waste.

“David Cameron must stop the energy rip-off and call a public inquiry into the power of the Big Six.”