E.ON first-half profits triple

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.