E.On's Q3 results show a 3% year-on-year drop in income, with 4,500 npower jobs to go as the supplier rings in changes.
Up to 4,500 jobs are going to be cut as part of npower’s restructuring, as E.On completes its takeover of the struggling energy provider.
German energy firm innogy has been forced to slash its earnings forecast for 2019, with its UK-facing npower business of increasing concern.
The Big Six need to get a grip of technological evolutions and must be prepared to collaborate with new partners to do so, or risk getting left behind.
Liam Stoker takes a look at recent rumours and stories surrounding the UK’s energy retail market, and what they might spell for both the Big Six and the market in general.
Innogy saw its first-half income cut by more than a quarter (26.3%) year-on-year as losses from its UK-facing npower unit spiralled.
Innogy said it was seeking closure on the “unusual situation” of being in the middle of the RWE/E.On asset swap, while its npower retail division continued to suffer at the hands of a “persistently poor” UK market.
Innogy CEO Uwe Tigges has stressed the importance of not only moving away from coal but pushing towards a “new energy age.”
With npower shelling jobs and even the quickest-growing independents struggling to turn a profit, it’s becoming increasingly clear that margin-based business models are a thing of the past. Liam Stoker reflects on a week which has proven the direction of travel for energy suppliers lies away from pure commodity sales.