Financial News

  • 14 August 2014, 7:06

E.ON Blames Weather For 31% Profit Drop

E.ON UK's profit dropped by almost a third in the first half of the year, after the country experienced milder weather.

In the six months to June, the energy company saw its pre-tax profit fall from £273m to £188m.

As sales decreased by £422m compared to the same period last year, E.ON UK's chief executive blamed the weather.

Tony Cocker said: "Although parts of the UK faced widespread storms, the first six months were actually considerably warmer in comparison to the same period in 2013.

"This has meant customers have used less energy."

Figures from the Met Office suggest that the average temperature in London during the period was 36% higher than in 2013.

It comes just two weeks after another of the big six energy companies reported a fall in profits.

Owner of British Gas, Centrica reported a 25% drop in its half-year profit in July.

The industry has faced huge criticism over energy bill hikes, which Ofgem last month pledged to limit.

The energy regulator announced plans to control electricity pricing for the next eight years from April 2015, saying it would save households £12-a-year.

Advertisement