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Energy firms rake in massive profits

The Local · 20 Oct 2010, 07:14

Published: 20 Oct 2010 07:14 GMT+02:00

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E.ON, RWE and EnBW have steadily grown their profits for the past eight years, according to a report in the daily Frankfurter Rundschau, citing a study by the Saarland University of Applied Sciences.

The study, commissioned by the Greens party, found that since 2002, earnings for the same big firms had risen seven-fold and totaled €100 billion over the period.

In the first half of 2010, the firms had pulled in €15 billion in profits.

In addition, the three energy firms can expect extra earnings of €70 billion through the extended lifetimes of the nation’s nuclear reactors.

Greens party parliamentary leader Jürgen Trittin and his deputy Bärbel Höhn said in a statement that the “astronomical” returns could only be explained by a lack of competition.The profits that would be delivered by the nuclear extension was an unparalleled gift in German business history, they said.

The head of Germany’s Monopoly Commission – an independent watchdog that reports to the federal government – Justus Haucap, told the paper: “The enormous profits are not surprising. There is no functioning competition for energy production in Germany, which has been reinforced once again by the extension of nuclear reactors.”

Story continues below…

Holger Krawinkel, energy expert for the Federation of German Consumer Organisations, said: “Competition for Germany power production is a farce.”

DAPD/The Local/dw

The Local (news@thelocal.de)

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Your comments about this article

09:32 October 20, 2010 by auniquecorn
yep, and their doin it without even using a condom...
10:39 October 20, 2010 by auslanderus
If there making so much profit, why are we paying so much? I suppose they will have to raise there rates soon to pay for there new cars.
11:37 October 20, 2010 by Clapoti
They're making so much profit because we're paying so much. Competition for a lot of things in Germany is a farce, not only power production.

P.S. please learn about English grammar... "they are" short version is not "there".
11:58 October 20, 2010 by William Thirteen
that's actually not a grammar issue but a spelling issue. In this context the correct spelling would be 'their'. Homophones are a bitch!
12:39 October 20, 2010 by freechoice
how could energy bills climb faster than wage increases? this is unacceptable!!
13:17 October 20, 2010 by T.J. Morton
that's actually not a grammar issue but a spelling issue. In this context the correct spelling would be 'their'

If you're going to correct someone, you should really make sure your ducks are in a row before you do it. The original poster actually missed both instances of spelling. He meant to say that '...they're making so much profit..." and that they could pay for "...their new cars." I'm just sayin'... :-)
19:20 October 20, 2010 by biker hotel harz
It's a joke but not funny. There is absolutely no competition in the energy supply industry. We have one supplyer in the Harz; Harz Energie.
09:58 October 21, 2010 by saschap
That's capitalism:) you can change it only with revolution. Water, air and energy should be national/people's good and basic human right, people should pay so much just to cover needs of functioning (exploitation of energy, repairing of production units, salaries of workers). But as we see, crazy capitalism exploit whole nation, therefore German's must take credit from bank to have normal life (to buy laptop for example) even Germany is rich with resources. Profit from resources should go to whole society but not only to small minority of society.
01:02 October 23, 2010 by harrylatour
Welcome to the 'ripoff'' world that we here in GB know only too well.A large sector of our power utilities are now owned by other EU companys so it is nice to know that we are all getting that feeling of having our hands gripping our ankles when we pay our bills!! All the best from the 51st state!!
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