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E.ON may axe 1,500 German jobs

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In the wake of losses encountered by its grid operations as a result of regulatory changes, German utility E.ON may cut 1,500 jobs across its regional energy suppliers in Germany, management board member Christoph Daenzer-Vanotti told Die Welt, as cited by Thomson Financial.

The report quoted Vanotti as saying: „Our revenues in electricity grid operations were cut by 14% by the grid regulatory authority last year alone. Here in Germany, we’re now on the borderline of profitability in the grid business.”

Stating that the company lost €600 million due to the regulatory pricing changes, Vanotti also said that further income losses could occur when a new incentive-based regulatory system is introduced in 2009, revealed Thompson Financial, citing the Die Welt report. (energy-business-review)

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