The energy network operator E.ON has slashed the value of its investment in the Nord Stream 1 gas pipeline by about €700m (£592m), as a result of “increased uncertainties” following Russia’s invasion of Ukraine.
The German utility firm had said in March that its 15.5% stake – which E.ON holds indirectly via its pension fund – had a book value of €1.2bn, so its revaluation represents a 58% decline in value.
