German concern E.ON completely writes off its share in Nord Stream

The German energy concern E.ON has completely written off its 15.5% stake in Nord Stream AG, the operator of the Nord Stream gas pipeline, Report informs referring to foreign media.

After the sabotage in the fall of 2022, deliveries through it ceased.

“Amid heightened uncertainty amid damage to both Nord Stream 1 lines, the investment has been written down to its fair value of nil as at December 31, 2022.” Compared to December 31, 2021, this decrease is approximately 1.2 billion euros.

In early November last year, E.ON reduced its stake in Nord Stream AG 5 times, to 100 million euros. According to the results of last year, Engie estimated its stake in Nord Stream 1 at 90 million euros against 574 million euros the year before. Germany’s Wintershall has become the first company to fully write off the value of its stake in Nord Stream 1 (529 million euros), as well as loans issued to Nord Stream 2. On March 8, Gasunie, a gas transportation company from the Netherlands, announced the write-off of its 9% stake in Nord Stream. Gazprom still retains the estimate of its share in the projects.

Nord Stream AG is 51% owned by a Gazprom subsidiary, 15.5% by Wintershall Dea and E.ON, and 9% each by the French Engie and the Dutch Gasunie.