E.ON group sees “extraordinary” earning rise

E.ON saw an “extraordinary” jump in earnings in the first half of 2012 of more than two billion euros before tax. The German parent company of energy supplier E.ON UK […]

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By Vicky Ellis

E.ON saw an “extraordinary” jump in earnings in the first half of 2012 of more than two billion euros before tax.

The German parent company of energy supplier E.ON UK announced it expects its group EBITDA to be around €6.7 billion (£5.3bn), up more than a fifth from €4.3 billion (£3.4bn) the year before. It expects net income to be €3.3billion.

It puts the jump down to a deal with Russian state power firm Gazprom over long term gas supply.

E.ON said in a statement: “The extraordinary increase results from… mainly the settlement with Gazprom, and the discontinued 2011 negative one-off-effects from the German nuclear phase-out.”

It expects these effects will also continue to show in the quarters to come.