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Innogy forecasts profit drop as UK retail business remains weak

Innogy forecasts profit drop as UK retail business remains weak
FILE PHOTO: Innogy logo in Essen, Germany, March 14, 2017. Reuters/Thilo Schmuelgen   -   Copyright  Thilo Schmuelgen(Reuters)
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FRANKFURT/ESSEN (Reuters) – German energy group Innogy on Wednesday forecast a 13-percent drop in operating profit this year, as competition in the British retail market remains tough following a failed attempt to merge its local unit with that of SSE.

Innogy, which will be broken up under a deal between parent RWE and rival E.ON, said it had to write down the value of its British retail unit npower by 1.5 billion euros (£1.29 billion) in 2018.

(Reporting by Christoph Steitz and Matthias Inverardi; Editing by Riham Alkousaa)

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