Europe’s largest investor-owned power utility has reported a dramatic financial turnaround since late 2011 – when it was hit with charges related to Germany’s nuclear phase out – and has raised its full-year sales and earnings guidance.
However, much of the immediate turnaround is linked to a recent deal it hammered out with Russia’s Gazprom that will see E.ON’s gas bill slashed retroactively to late 2010, boosting its first-half revenues 23% to €65.4bn
