E.ON, Europe’s biggest operator of energy networks, on Nov. 9 said it had almost fully cut the value of its stake in Nord Stream 1, reflecting damage to the pipeline that has made the asset inoperable and whose cause is yet to be determined.

E.ON, in its nine-month report, said the value of the 15.5% stake, which is sitting in its pension fund, was cut by another 400 million euros (US$403 million) to 100 million, down from 500 million at the end of June.

“Among the reasons for this are greater uncertainty amid the current situation and, since September 26, damage to both of Nord Stream 1’s pipelines whose cause is as yet unclarified,” the company said.

Nord Stream 1 and Nord Stream 2 were damaged in September, and the gas transport infrastructure has been a focal point in the wider row between the West and Moscow.

NATO Secretary-General Jens Stoltenberg has called the damage an act of sabotage.

News about the value adjustment came alongside E.ON’s results for the first nine months of 2022, which showed a 3% decrease in adjusted core profit (EBITDA) to 6.1 billion euros. Adjusted net profit was also down 3% at 2.1 billion euros.

The company still stuck to its 2022 outlook, expecting adjusted EBITDA of 7.6 billion to 7.8 billion euros and an adjusted net income of 2.3 billion to 2.5 billion euros.

($1 = 0.9932 euros)

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