Eon, Germanys biggest power producer, said it was making progress with a massive corporate restructuring which will see it split in two and announced a 30 per cent rise in first-quarter profit, largely due to a contract renegotiation with Russias Gazprom.
Badly hurt by Germanys radical switch from fossil fuels to renewables, Eon is grouping its conventional power generation assets and energy trading in a new company, Uniper, while the new-look Eon will focus on renewables, networks and customer solutions.
The company said it recorded underlying net income of 1.3bn in the first quarter of 2016, a year-on-year increase of 300m and slightly ahead of analysts expectations.
It said the boost was largely …
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