Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
German utility EON SE warned that Europe may not have seen the end of turmoil in its energy markets and the situation could still take a turn for the worse.
“The crisis is not over yet,” the energy company’s Chief Financial Officer Marc Spieker said Wednesday alongside an earnings report. Germany was one of the countries hardest hit by Europe’s energy crisis last year, with more than half of its gas supply previously coming from Russia.
While energy prices have plunged from last summer’s highs, analysts have warned that a sudden rebound in demand and increased competition from Asia for supplies could reignite volatility in the market.
The firm’s expectation for adjusted earnings to remain broadly in line with last year’s results “factors in the possibility of a further deterioration in the remainder of the year,” Spieker said. EON sees results “towards the upper end” of its guidance of €7.8 billion to €8 billion this year.
The company said it nearly doubled results from its consumer-facing Customer Solutions business in the first quarter compared to a year ago, helped by falling commodity prices and higher end prices. Utilities initially struggled to pass on higher costs to consumers last year.
