EON SE said that Europe’s energy market is still at risk of spiking prices this winter and urged homes and businesses to continue to conserve gas and power.

“There are still very large sources of uncertainty on both the supply and demand sides, with corresponding risks regarding the future development of wholesale prices,” the firm said in its first-half earnings presentation on Wednesday.

European wholesale gas prices have plunged from record levels last year and storage sites are almost full ahead of the winter. Still, the German utility warned that if events like unplanned supply shortages coincide with cold weather during the winter, that could lead to significant price increases.

EON also said it has ramped up investments in the energy transition to position itself for further growth as Europe’s power markets go increasingly green, something that will also aid energy independence for the region. It spent about €2.4 billion on infrastructure in the first half of 2023 — up 36% from a year earlier — and reaffirmed its full-year investment plan of about €5.8 billion.

READ MORE: EON Raises Earnings Goals as Energy Market Stabilizes