• 6 hours Oil Prices Rise After API Reports Major Crude Draw
  • 6 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 7 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 7 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 9 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 10 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 11 hours Whitefish Energy Suspends Work In Puerto Rico
  • 12 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 24 hours Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Alt Text

Tesla Investors Are Losing Patience

Elon Musk has a history…

Alt Text

Are Oil Markets Immune To U.S. Shale?

Oil prices have maintained their…

E.ON Sees First-Half Profit Slump in Europe

E.ON Sees First-Half Profit Slump in Europe

E.ON SE, Germany’s gas, electricity and water utility company, has seen first-half profits drop 15% despite a 15% surge in profits from its UK customers thanks to an 8.7% price rise this year.

Weak demand across Europe has seen the company’s second quarter net income drop to 919 million euros ($1.22 billion) from 1.18 billion euros in the second quarter of 2012.

The 15% drop in the company’s first-half earnings is before interest, tax, depreciation and amortization and represents a 22% fall in net profit, according to Germany’s Deutsche Welle.

"In particular, E.ON's power generation business in Europe is suffering from low-capacity utilization and low wholesale prices as a result of the continent's economic crisis and interventionist energy policies and regulations," the utility firm said in a statement.

At the same time, E.ON has reported a 15% surge in profits from its UK customers, after a March deep-freeze and late arrival of summer sent demand soaring.

Related article: British Gas to Offer Customers Free Electricity on Saturdays

According to Bloomberg, sales dropped 1.2% to 64.6 billion euros in the first half of this year.

The market is changing, and E.ON is scrambling to adapt to lower demand and new market regulations intended to prop up renewable energy sectors such as wind and solar power.

While E.ON is expanding abroad and may shut down some of its plants in Germany, its other adaptive strategies include reducing capital spending and selling off assets.

By. Jen Alic of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News