E.ON (EONGY.PK) said it has reached an agreement with Gazprom (OGZPF.PK,OGZPY.PK,GAZP: Quote) in the negotiations of their long-term gas supply contracts. The settlement includes an retroactive adaptation of pricing conditions for the price review period since fourth quarter, 2010.
E.ON expects the settlement to have a positive impact of about 1 billion euros on the group's half-year results.
In connection with the settlement reached with Gazprom, E.ON has also raised its outlook for 2012. For the full year 2012, E.ON now expects an EBITDA between 10.4 billion euros and 11.0 billion euros versus the prior forecast of 9.6 billion euros to 10.2 billion euros and an underlying net income between 4.1 billion euros and 4.5 billion euros, compared to the earlier forecast of 2.3 billion euros to 2.7 billion euros.
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by RTT Staff Writer
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