E.ON SE  (EONGY) said Wednesday it may sell a series of assets in order to cut its €26 billion debt pile after writedowns pushed Germany's biggest utility into a record loss.

E.ON said adjusted full-year earnings for 2016 were €3.1 billion, a figure that came in at the upper level of the company's guidance, but noted writedowns on various group businesses and a multi-billion payment into a state-run nuclear energy fund will mean the company posted a net loss of €16 billion ($17 billion).

"2016 was a transitional year," said CEO Johannes Teyssen. "The impact on our balance sheet marks a turning point and clears E.ON's way into the new energy world. It enables us to focus all our energy on our three core businesses: energy networks, customer solutions, and renewables."

E.ON said it will look at selling a stake in its Uniper power plant, as well as moving a stake in the Nord Stream 1 pipeline to its pension fund, in order to reduce group debt by around €6 billion from its current €26.3 billion.

A slimmer balance sheet will help the group to generate adjusted earnings of between €2.8 billion and €3.1 billion, E.ON said, and adjusted net income of as much as €1.45 billion.

E.ON shares fell 3.2% in the opening 90 minutes of trading in Frankfurt to change hands at €6.81 each, wiping out nearly have of the gains recorded over the past three months. However, the stock has still far outperformed the Stoxx Europe 600 Utilities index, rising 4.6% compared to a 1.55% decline for the sector benchmark.