LONDON (Reuters) – Innogy SE’s npower said on Thursday it will cut 900 roles in Britain this year as part of a programme to reduce operating costs in the face of tough retail energy market conditions.
The UK energy supplier said the proposed 900 reductions will be out of its current 6,300 workforce, although as around this number of people leave the company each year, the actual number of redundancies will be considerably lower.
Npower chief executive Paul Coffey said the retail energy market was “incredibly tough”.
“Ofgem itself forecasts that five of the Big Six energy companies will make a loss or less than normal profits this year due to the implementation of the price cap, and with several recent failures of new energy suppliers, it is clear that many have been pricing at levels that are not sustainable,” he added.
(Reporting by Nina Chestney; editing by David Evans)