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Eon fall in profits

Eon has reported a fall in profits for the first half of the year, blaming the financial crisis in Europe for hitting the demand for power. 

 The German firm said underlying income had fallen by 42 per cent to €1.9 billion for the first half of 2013 when compared to the previous year.

The company said its European power generation business is "suffering from low capacity utilisation and low wholesale process" because of the economic crisis and "interventionist energy policies and regulations".

Despite the fall in underlying income, and a drop in profits of 15 per cent (down to €5,695million), the company said the results were "in line with expectations" and maintained its full year income expectations of €2.2 billion and €2.6 billion.

Eon said it was "making good progress itself into an international provider of energy solutions".

In July it officially inaugurated the London Array offshore windfarm, and it has also begun building Amrumbank West windfarm in the German North Sea.

In the interim report, Dr. Johannes Teyssen, the chief executive at Eon, said "business remains extremely difficult" and that "at least for 2013 and 2014, no recovery is in sight".

13th August, 2013

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