E.ON slashes value of investment in Nord Stream 1 by almost £600m

German firm's revaluation represents 58% decline following increased uncertainties' after Ukraine invasion

The energy network operator E.ON has slashed the value of its investment in the Nord Stream 1 gas pipeline by about 700m (592m), as a result of increased uncertainties" following Russia's invasion of Ukraine.

The German utility firm had said in March that its 15.5% stake - which E.ON holds indirectly via its pension fund - had a book value of 1.2bn, so its revaluation represents a 58% decline in value.