By Monica Houston-Waesch

FRANKFURT--German power utility E.ON SE (EOAN.XE) swung to a first-half net loss after writing down the value of assets held by its conventional power unit Uniper.

E.ON fell to a net loss came to 3.03 billion euros ($3.38 billion) in the six months to end-June from profit of EUR1.15 billion from the same period last year.

The utility said it took an impairment charge of EUR3.8 billion for Uniper, including EUR2.9 billion in writedowns on power stations and gas storage facilities, as well as EUR900 million in provisions.

But revenue also declined, falling 11% to EUR20.25 billion.

E.ON, like other utilities in Germany and other parts of Europe, has been plagued by dramatically low wholesale electricity prices amid a power glut spawned by a rise in renewable energy and low commodity prices.

In June, E.ON won shareholder approval for a plan to spin off conventional energy and trading activities into a new company, Uniper, and to list around 53% of the new unit by year's end.

E.ON said net debt came to EUR24.8 billion at end June, up from EUR21.3 billion at the end of 2015.

E.ON backed guidance for the full year, excluding Uniper's operations, for adjusted earnings before interest and taxes of EUR2.7 billion to EUR3.1 billion and adjusted after-tax income of EUR600 million to EUR1 billion.

Write to Monica Houston-Waesch at nikki.houston@wsj.com

(END) Dow Jones Newswires

August 10, 2016 02:13 ET (06:13 GMT)