Enel and E.ON are latest to suffer with European energy situation as renewables rise.
E.ON, Germany’s largest utility, would be to close a fraction of its power plants and spend less.
It’s also halved the dividend paid to shareholders for 2013 and said primary earnings this season will decrease.
Electricity generators across Europe have now been taken by surprise by a rise in production from renewable energy sources, mostly solar and wind.
That’s created several gas and coal-fired thermal plants repetitive and caused wholesale energy prices to decline.
Its profits jumped by greater than a quarter in Britain, which it claimed was because of cold-weather, not price increases.
The shift to renewables also struck Italy’s greatest utility Enel, which owns more than 92 percent of Spanish class Endesa.
It plans to close plants in its home market and Spain. It’s also reducing its share dividend payouts.
French team GDF Suez was caused by the disaster to have a 15 billion euro charge on its energy company this month, while E.ON’s German competitor RWE posted its first net loss since 1949.