E.ON profit up on settlement

City A.M. Reporter
OPERATING earnings at E.ON could rise by more than 50 per cent to around €6.7bn (£5.3bn) in the first half, Germany’s largest utility announced in an unscheduled statement ahead of its interim report on 13 August.

Last year’s earnings were hit by Germany’s decision to phase out nuclear power by 2022.

A settlement with Russia’s Gazprom over long-term supply contracts will provide a €1bn boost to the bottom line. The deal could also lead to lower future prices, boosting earnings for quarters to come, the firm added.