Berlin, April 13 (QNA) - German energy company E.ON expects electricity and gas prices to continue rising in the long term, due to the repercussions of tensions in the Middle East region.

Filip Thon, CEO of E.ON Energie Deutschland, a subsidiary of E.ON, explained in his statements that the price levels that prevailed before the military escalation will not return as quickly as some might expect.

Thon said that energy prices on the stock exchanges will remain higher than pre-crisis levels for some time, pointing to a significant increase in energy purchase costs.

He pointed out that prices have temporarily increased this year by 75% for gas and 35% for electricity, while wholesale energy trade prices for next year have seen increases of about 60% for gas and 20% for electricity.

He affirmed that short-term fluctuations cannot be directly passed on to end customers' tariffs, but stressed that the overall trend in prices is upward.

E.ON is Germany’s largest energy supplier, with around 12 million electricity supply contracts and 2 million gas supply contracts. Through its subsidiaries, it is also the country’s largest operator of electricity distribution networks, with a share of nearly one-third of the total network length. (QNA)