Arab Today, arab today rwe subsidary npower to axe 2500 british jobs
Last Updated : GMT 18:42:37
Arab Today, arab today
Arab Today, arab today

RWE subsidary Npower to axe 2500 British jobs

Arab Today, arab today

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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