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E.ON profits treble

E.ON profits treble

Category: Utilities

Updated: 19/12/2016
First Published: 14/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The energy supplier, E.ON, has revealed its profits more than trebled during the first six months of this year.

E.ON, which provides energy to more than five million customers in the UK , made a net income of £2.6 billion, compared to £706 million during the same period last year.

Such a massive profit rise will no doubt prompt some questions from consumer groups, concerned as to whether customers are getting a fair deal on their energy and utility packages. British Gas recently came under pressure to reduce its prices following the announcement that it had made a profit of 23%.

Richard Hall, head of energy regulation at Consumer Focus, said: "Such a big increase, hard on the heels of British Gas profit rises, will leave customers questioning whether the price they're paying is fair.

"Wholesale prices are now a long way from their peak and E.ON has reported greater margins based on changes in their costs. This will reopen questions on whether falls in wholesale pricing are fed through fairly and fully."

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