Era of cheap energy is past, warns E.ON boss

4th May 2006, Comments 0 comments

4 May 2006, ESSEN, GERMANY - The era of cheap is past, the chief of German energy giant E.ON AG told the group's annual meeting Thursday.

4 May 2006

ESSEN, GERMANY - The era of cheap is past, the chief of German energy giant E.ON AG told the group's annual meeting Thursday.

Wulf Bernotat told shareholders attending the group's annual general meeting in Essen that the global demand for energy demand was increasing dramatically as nations such as China and India moved to catch up with western economies.

"The era of cheap energy is over," Bernotat said.

He went on to say that E.ON could not decouple itself from the international price trends.

Bernotat told shareholders that future energy prices were dependent on new gas sources being discovered and power stations in Europe being opened.

An increase in supply could help to ease the pressure on prices, he said.

DPA

Subject: German news

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