E.ON has reported a 13% fall in net income to €1.2 billion in the first quarter of 2014, but says that business performance was ‘as anticipated,’ and allows it to continue investing in growth businesses such as renewables.

"E.ON is staying on course in difficult times. We’re reducing our debt and costs, without neglecting investments in our future," said E.ON chief financial officer, Klaus Schäfer.

"This gives us the flexibility to make targeted investments in growth businesses like wind and solar power."

E.ON’s renewables division recorded first-quarter earnings of nearly €600 million, up 20% on 2013.

Earlier this year, E.ON launched Next Generation, a project to combine its renewable and conventional generation businesses into a single segment, ‘creating a leaner organisation in which all generation technologies work together efficiently.’

E.ON says it expects full-year 2014 EBITDA of €8 to €8.6 billion and underlying net income of €1.5 to €1.9 billion.