E.ON AG (EOAN.XE) Tuesday said its seven German regional energy suppliers will raise retail power prices by between 7.4% and 9.2% from Feb. 1.
Carsten Thomsen-Bendixen, spokesman for E.ON's German retail unit, E.ON Vertrieb Deutschland GmbH, said the company decided to raise power prices as several hundred competitors across the country already announced electricity retail price increases.
Earlier Tuesday E.ON announced plans to cut retail gas prices by 4% on average from Feb. 1 due to falling procurement costs, while wholesale prices would be cut from Jan. 1 and possibly fall further Apr. 1 due to lower crude oil prices, to which gas prices are linked.