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E.ON Triples Half-Year Net Profits

15 Aug 2012

E.ON, Germany’s largest utility has announced that its half-year net profits have over tripled compared to this time last year.

The firm said some of the key factors included, Germany’s accelerated phasing out of nuclear energy and coming to an agreement with its gas supplier Gazprom on long-term gas supply contracts.

The group’s net profit rose to €3.13 billion ($3.9 billion; £2.45 billion) in the first half in comparison to the €948 million in the same period last year.

It also reported an increase of 14% in UK sales, equating to €5 billion, which was largely aided by the strengthening of the British pound. However, UK sales were down due to the disposal of E.ON’s Central Networks business in the first half of 2011.

E.ON CEO, Dr. Johannes Teyssen said “Our solid first-half results demonstrate that we’re meeting our existing challenges decisively. We successfully renegotiated our gas-procurement contracts, and the transformation of our company through our E.ON efficiency-enhancement program is moving forward according to plan”.