RWE subsidary Npower to axe 2500 British jobs

GMT 13:44 2016 Monday ,07 March

Arab Today, arab today RWE subsidary Npower to axe 2500 British jobs

British energy provider Npower
London - AFP

British energy provider Npower, a subsidiary of German giant RWE, will announce this week that it is cutting 2,500 jobs, according to media reports on Sunday.

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.


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