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.
Innogy-owned UK energy supplier npower has announced it will lose as many as 900 jobs over the coming year as part of a major cost reduction programme.
SSE and innogy have pulled the plug on the proposed merger of their respective supply divisions, with SSE concluding that it would not now be “in the best interests of customers, employees or shareholders”.
SSE and innogy have been forced to renegotiate and possibly delay the proposed merger of their supply divisions, laying the blame squarely at Ofgem’s looming price cap.
The proposed merger of the supply divisions of SSE and Npower has been given the all clear from the Competition and Markets Authority following a five-month investigation.
The head of European utility giant RWE’s UK business Tom Glover has challenged National Grid to slash settlement periods to just five minutes by 2030.