Germany’s largest energy supplier Eon does not rule out further price increases for electricity and gas. “In the long run, we have to pass on the wholesale prices to our customers,” said Eon boss Leonhard Birnbaum. Last year, Eon only passed on around 30 percent of the sometimes extreme price increases in wholesale. “We can’t keep this up forever.” The price increases for electricity and gas since the beginning of the year are the result of increases in wholesale last year.

He can understand why prices are currently rising despite falling wholesale prices. According to Birnbaum, wholesale prices are falling, most of which Eon had not passed on. Eon has around 14 million electricity and gas customers in Germany.

There could also be price reductions for certain customers. Customers who have come into new contracts with a high price level after moving would “see price reductions this year, especially in the gas sector”.

“We’re trying to protect our clients from extreme upside volatility,” Birnbaum said. Of course, you also pass on price reductions that you see in wholesale. “Customers who are at a higher level, I would see that they can actually probably see reductions after the summer this year.” Conversely, there will be customers who see further increases, especially before the summer. “That applies to gas and electricity, and that applies across the entire German industry, not just for Eon.”