The Pan-European gas market unit grew earnings by a massive 82%, largely on the back of power and gas price developments, the inclusion of newly consolidated companies in Bulgaria, Hungary, Romania, and the UK, and higher power and gas sales volumes. However, by contrast, the UK market saw earnings decline by 26% to €451 million compared with €613 million in 2005. Eon indicated this result was due to CO2 certificate costs and higher procurement costs.
Eon arch rival RWE Group, meanwhile, has also posted its results for the first half, showing profit up 19% to €4,104 million.
In the first half of 2006, cold winter weather stimulated energy consumption in core markets despite high prices dampening the rise in demand and the group generated revenue of €24,331 million in the first half, a year-on-year increase of 17%. In addition to higher prices for electricity, gas and water, positive volume effects in the gas business were the main contributing factors, said RWE.
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