E.ON first-half profits triple

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ref="http://www.cityam.com/company/eon">E.ON, Germany’s biggest energy company, has seen its profits triple in the first half of 2012.

Net income for the six months to the end of June was €3.3bn (£2.1bn), up from €900m a year ago.

E.ON cited Germany’s accelerated phase-out of nuclear energy, which benefited first-half earnings to the tune of €1.5bn, and a 39 per cent increase in Russian earnings to €400m as reasons for the jump in profits. At the start of July, E.ON reached a lower gas price deal with Russia’s Gazprom, which has also flattered first-half results.