World's Energy

//Adjusted earnings before interest and taxes increase 7.3% to E9.9 billion
03-12-2009 - Energy Business Review - German power and natural gas utility E.ON has reported sales of E86.8 billion for the year 2008, a 26% increase compared to the sales for the year 2007. The company has reported adjusted earnings before interest and taxes of E9.9 billion for the year 2008, a 7.3% increase compared to the same period of 2007. E.ON has invested E26.2 billion in 2008, more than twice as much as in 2007. The company has invested about E16 billion in the acquisition of operations under E.ON's agreement with Enel and Acciona and its agreement with Statkraft. E.ON had earlier announced €63 billion in investments for the period 2007-2010. By 2010, E.ON will have invested €60 billion of this figure. For the current planning period (2009-2011), the company’s earnings stability will enable it to largely continue its investment program. However, in view of the difficult economic environment, E.ON has again reviewed all projects in the current planning period and reduced the original figure by about €6 billion. After this reduction, E.ON will invest an average of €10 billion in each of the next three years (2009-11). About one third of investments will go towards updating and replacing networks and power plants in Germany and the United Kingdom. Two thirds are earmarked for growth. E.ON has hired 13,000 new employees group wide in 2008, approximately 5,000 of them in Germany. E.ON has 2,700 apprentices in Germany.