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RWE subsidiary Npower to axe 2,500 British jobs

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London / AFP

British energy provider Npower, a subsidiary of German giant RWE, will announce this week that it is cutting nearly 2,500 jobs, according to the latest media reports.
This means losing more than a fifth of the 11,500 jobs which Npower’s operations support in Britain, according to Sky News. The announcement is expected on Tuesday, when RWE releases Npower’s full year results.
A spokesman for Npower, one of Britain’s so-called Big Six energy providers, told AFP, “We cannot comment on speculation.”
Npower’s retail arm last November reported a £48 million ($68.3 million, 62 million euro) loss in the first nine months of the year, down from a £73 million profit a year earlier.
Last month RWE announced it was partially suspending dividend payouts after running a loss in 2015 as a result of collapsing wholesale prices and weak profitability in the conventional power generation.
RWE npower is a leading integrated UK energy company. We supply gas, electricity and related services to residential and business customers and operate and manage a flexible portfolio of coal, gas and oil-fired power stations. It also manages a portfolio of cogeneration plant.
RWE npower plc (trading as npower) is a UK-based electricity generator and supplier of gas and electricity to homes and businesses, formerly known as Innogy plc.
As Innogy plc it was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. In 2002 it was acquired by RWE of Germany and was subsequently renamed RWE npower plc.
It is considered as one of the Big Six Energy Suppliers, which dominate the gas and electricity market in the UK.

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