Eon in Germany announces a reduction in electricity and gas prices

In the midst of the energy crisis, energy suppliers are making good profits, including German company Eon. However, the company plans to pass on the benefits of recent lower purchase prices to its customers, making electricity and gas prices more competitive in the new year.

Eon, a German energy company, announces service discounts

E.ON in Germany announces a reduction in electricity and gas prices

E.ON, Germany’s largest energy supplier, announced a further reduction in electricity and gas prices. The company’s spokesperson said in response to the German press agency:

“Customers who have been notified of an increase in energy costs in the middle of the year are expected to see a decrease in consumption prices in the early months of 2024.”

The details of this reduction are not yet clear.

The spokesperson confirmed the announcements made on 31 May, when Eon announced that it would be cutting electricity and gas prices for “millions of customers” from 1 September.

The customers concerned have already been notified of the reduction. By making these reductions, Eon is able to pass on the benefit of the recent decrease in wholesale electricity and gas prices to its customers.

Previous figures show that basic electricity prices will fall by an average of 18%, and basic gas prices will fall by an average of 28%.

It was also said at the time that Eon customers with fixed-rate contracts could generally expect a decrease in prices.

Eon has 12 million electricity customers and more than 2 million gas customers in Germany. The company reported an increase in profits in the first half of the year.

The company’s operating profit rose by €1.4 billion to €2.3 billion, according to preliminary figures, compared to the same period last year.

The company attributed the decline to lower procurement costs in distribution and “temporary effects” in its network business. It said it would return the surplus to customers in the coming years.

The company has raised its outlook for the current year, with adjusted operating profit now expected to be between 2.7 and 2.9 billion euros by the end of the year, up from its previous forecast of between 2.3 and 2.5 billion euros. Eon is set to release its detailed figures on August 9.

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