Britain’s second-largest energy supplier E.ON has reported a slump in profit over the first nine months of the year as benefits from consumer bill hikes wore off.
Adjusted pre-tax earnings fell by 30% to €582 million (£484 million) in E.ON’s UK energy retail arm, the company reported on Thursday.
The figure had soared last year as regulator Ofgem allowed energy firms to hike bills through adjustments in its energy price cap.
This had been designed to allow firms to recoup debt from earlier in the energy crisis, with E.ON and Centrica PLC (LSE:CNA)’s British Gas among those to have benefitted.
E.ON said the drop reflected “one-off effects” in 2023, as revenue dipped by 32% to €12.14 billion.
This comes after British Gas this summer also reported a 50% drop in interim profit to £1.04 billion in the wake of last year’s price allowance.