German utility E.ON AG (EOAN.XE) said Thursday it expects a three-month review of safety at German nuclear reactors to hit earnings, but said it is sticking to its 2011 profit forecast.

"We expect the three-month outage [of the reactors] to have a negative effect on earnings," an E.ON spokesman said.

The company said last week it is aiming to achieve adjusted earnings before interest, taxes, depreciation and amortization of between EUR11.2 billion and EUR11.9 billion in 2011. This forecast won't be revised as a result of the safety review, the spokesman said.

Adjusted after-tax profit is expected to come in between EUR3.3 billion and EUR4 billion.

The government has said it will shutter seven nuclear reactors, or just under 5% of the country's power production capacity, while it undertakes a three-month review of atomic plant safety.

Two of the reactors that will be shut-down are operated by E.ON.

The nuclear energy debate was re-ignited globally by a series of accidents in Japanese nuclear power plants following a devastating earthquake in the country.
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