The company also said it needs to raise its provisions for anticipated losses on no longer cost-covering power purchase agreements by about €0.3bn.
"The reason for the extraordinary charges totalling €1.5bn, which are to be included in the consolidated financial statement of 30 June 2014, lies in considerably worsening expectations regarding long-term electricity price developments," EnBW says.
Futures market prices for electricity have fallen from about €50 per megawatt hour of electricity produced in late 2012 to less than €35/MWh now, the utility lamented.
