Newspaper article The Evening Standard (London, England)

European Slump Hits E.ON despite UK Price Rise

Newspaper article The Evening Standard (London, England)

European Slump Hits E.ON despite UK Price Rise

Article excerpt

Byline: Lucy Tobin

AFTER hitting British households that needed the heating over the long, cold winter with price hikes of up to 9.4%, German energy giant E.ON today showed how much it cashed in, with UK revenues rising 9% to [pounds sterling]4.4 billion for just the first half of the year.

The German power group forced its 5.3 million UK customers to pay 8.7% more for dual fuel and 9.4% more for gas in January, helping its underlying earnings in this country to shoot up to [pounds sterling]274 million, from [pounds sterling]242 million in the first half of 2012.

"Sales at the UK regional unit rose primarily because of higher retail sales resulting from increased demand due to low temperatures, particularly in March," E.ON said.

But the group's underlying net income fell 42% to [euro]1.9 billion in the first half as it said falling wholesale power prices and booming demand for renewables across Europe was gnawing at profit.

"A sober view of the situation indicates that, at least for 2013 and 2014, no recovery is in sight," chief executive Johannes Teyssen said. …

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