Major energy supplier E.On has reduced its profit forecast for 2010 by over ten per cent in response to reduced business energy use.
Affected by the global financial turmoil, the company has already cut 450 jobs across the UK so far this year, while a call centre in Glasgow is to be closed in the near future.
Businesses and homeowners throughout Britain are responding to the recession by reducing their energy usage in a bid to save money and the declining value of the pound is also a factor in E.On's changing fortunes.
The company said: "One of the main sources of uncertainty is the future course of the global economic crisis and its effects, which at this time are difficult to foresee."
Despite declining profit forecasts, E.On plans to spend 30 billion (£27.1 billion) on power plants and network infrastructure over the course of the next three years.
Energy companies were criticised over the winter months for failing to reduce their prices despite several firms reporting high profit margins. They have argued that they are expected to pour constant investment into the energy sector.
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