Monday, 12 March 2018

Big Six energy supplier Npower in the red for third year in a row amid customer exodus

Big Six energy supplier npower has reported an annual loss for the third year in a row after losing 155,000 customers amid "fierce competition" between suppliers.
But the gas and electricity company, owned by Germany's Innogy, said its operating loss of £56m was narrower than last year's £90m as it implemented a cost savings programme.

The results come as npower lines up a merger with Big Six rival SSE - a merger which may have been complicated by a high-level deal involving Innogy over the weekend.

Npower chief executive Paul Coffey said the industry was facing "real challenges" with plans to impose a cap on standard energy tariffs amid public anger over gas and electricity bills.

Suppliers are also paying to implement Government schemes such as installing smart meters.

Npower said it saw revenues fall by £76m to £6.027bn over the year amid "fierce competition between suppliers" with a high level of customer switching and smaller profit margins on new customers lured away from rivals.

SKY      News.