• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 19 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 29 mins Wind droughts
  • 34 mins ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 18 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 14 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

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. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News