Npower loses over 260,000 customers in the third quarter of 2019 Npower loses over 260,000 customers in the third quarter of 2019 Big Six energy supplier Npower lost 261,000 customers in the third quarter of 2019, as large providers continue to haemorrhage clients to smaller challenger brands. The figures take total customer losses for the year for the company, which is owned by German power giant Innogy, to 447,000. Read more: 5m customers switch energy supplier in [...]
‘New RWE’: Europe’s biggest CO2 culprit promises to be carbon-neutral by 2040 'New RWE': Europe's biggest CO2 culprit pledges carbon-neutrality by 2040 The German utility giant behind Npower has said it is stepping away from energy transported through pipelines as it revealed a giant pipeline of renewable production. RWE said it plans more than 18 gigawatts (GW) of new capacity, nearly as much as all the wind turbines installed in the UK. Read more: Eon struggles against [...]
SSE talks to Talktalk over £1bn retail unit after scrapping Npower deal Scottish energy supplier SSE has approached a number of its rivals, and broadband provider Talktalk as it tries to find a buyer for its £1bn retail division. The company has promised to update shareholders on the future of the unit before its full year results towards the end of May, after a merger deal with [...]
Ofgem price cap: What to do if your energy bills shoot up February 21, 2019 Around 11m customers are facing higher energy bills from April, as SSE became the last of the Big Six energy suppliers to hike tariffs this morning. The energy firms have said that they need to put up prices as they are squeezed by higher wholesale costs. Read more: Households told to cough up as Ofgem [...]
Five of the Big Six energy providers announce price hikes following Ofgem cap increase February 19, 2019 Five of the UK's Big Six energy suppliers have increased their prices following Ofgem's move to raise the energy price cap. Scottish Power today became the fifth of the major players to announce price increases, coming on the back of British Gas's decision this morning and Npower, Eon and EDF last week. The move leaves [...]
British Gas the fourth of the Big Six energy suppliers to boost prices after Ofgem’s price cap February 19, 2019 British Gas, the country's biggest energy supplier, becomes the fourth of the Big Six energy companies to raise its prices after Ofgem, the energy regulator, increased the price cap on gas and electricity bills. Customers of British Gas can expect the standard variable tariff to increase by £117 for 3.5m customers starting 1 April. Stephen Murray, [...]
Funds bet against Npowerless SSE as systems upgrade looks set to cost dearly February 17, 2019 Hedge funds have started to bet heavily against SSE as the energy firm faces potentially huge upgrade bills after its merger with Npower fell through. London-based Marshall Wace and US Worldquant have taken out a combined £171m so-called short position. The funds have borrowed and then sold shares in SSE, hoping to buy them back cheaper [...]
SSE issues profit warning as it examines options for energy services business following Npower merger failure February 8, 2019 Big Six energy company SSE today cut its earnings forecast for the year, blaming a European court decision suspending state aid for the UK’s energy capacity market. The company said the court’s decision had the effect of removing the EU Commission’s state aid approval of the GB capacity market and introducing a “standstill period” until [...]
Npower to dismiss nearly 15 per cent of its UK workforce as energy market bites January 31, 2019 British energy provider Npower has said it will cut almost 15 per cent of its UK workforce, as part of an initiative to reduce its operating costs. The company said the reductions would affect around 900 roles out of its 6,300 employees over the course of this year. It added that most of this number [...]
As competition heats up, meet the energy company taking on the Big Six by cutting consumption January 14, 2019 You know the drill: energy companies lure you in with a cheap introductory rate, and once it expires, you’ve either got to repeat the hassle of shopping around for a new deal, or you’re automatically moved onto the provider’s expensive default tariff – otherwise known as the standard variable rate (SVR). This isn’t a glitch [...]