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E.ON reveals 30% increase in UK profits

Energy supplier also announced an overall drop in earnings due to changes in the European energy market

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E.ON has announced that its UK profits have gone up

Energy provider E.ON today announced that despite achieving a lower core profit across the business, its UK branch had seen profits increase by 30.8%.

uSwitch has urged the company to put money towards lowering household energy bills.

Rival energy company RWE npower, last week posted its first net loss in 60 years.

‘We urge E.ON to […] bring down prices for customers’

Ann Robinson, Director of Consumer Policy at uSwitch, said: “E.ON was the last of the big six to raise bills this winter, and its price increase took into account the Government’s changes to environmental and social levies which are paid for through household energy bills.

“However, we urge E.ON to use its improvement in EBITDA to bring down prices for customers this year.”

Winter energy price rises

Back in January, E.ON was the last of the big six to implement winter price hikes. The supplier increased its gas and electricity prices by an average of £45 or 4% for standard direct debit customers.

E.ON customers will not see their bills fall as a result of cuts to green levies, as E.ON already took these into account when calculating initial price rises.

‘Negative effects of a difficult economic and regulatory environment’

Speaking on the results, E.ON’s CEO Johannes Teyssen said: “Our 2013 results clearly reflect the negative effects of a difficult economic and regulatory environment in Europe.

“In particular, the ramifications of policy decisions in Germany and the related insufficient market prices for conventional energy continue to have an adverse impact on our generation portfolio.”

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