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Dutch power firms move to merge

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Dutch power firms move to merge

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More possible consolidation among European energy providers. The Netherlands’ largest power firm, Essent, wants to join with the second biggest, Nuon, describing it as a merger of equals. That would create a top ten European electricity group, worth 24 billion euros, supplying almost five million households with annual revenues of close to 12 billion euros.

However it is now clear if regulatory authorities would allow the merger. If the deal does happen, the two say that they could make annual costs savings of more than 300 million euros. There current total staff is 20,000 of which around 1,350 people would lose their jobs. Unions said they are not in favour of the deal if it means workers being fired.