E.ON, Gazprom Combine for Power Stations

Germany-based utility E.ON is considering building power stations in the UK, Germany and Hungary with Russian state controlled energy group Gazprom.

Speaking to the UK’s Financial Times newspaper, CEO of E.ON Wulf Bernotat says a partnership with Gazprom would ensure adequate access to gas for the power plants.

The possibility of co-operation over power plants is largely linked to negotiations over E.ON's participation in the Gazprom-controlled Yushno Russkoye gas field in Siberia, writes the Financial Times.

The comments come as E.ON says it is doubling the amount of investment in renewables to €6bn ($$8.8bn).

E.ON’s investment programme released this week revealed adjusted net income was up by 22% from €3.4bn to €4.2bn.

Operating profits were on the rise from 12% in the first nine months of 2007 to €7.1bn on sales up 7% to €49.4bn.

By staff writer