Npower is on course for its third consecutive annual loss after its first-quarter profits fell by 74 per cent. The troubled Big Six energy supplier blamed an “increasingly tough market environment” and said that it was forecasting a loss even without factoring in any impact of the Conservatives’ proposed price cap on energy bills. Npower lost 211,000 residential and commercial customers in the first quarter of this year, contributing to a fall in pre-tax profits from €130 million to €34 million. Prospects for the business had “clouded considerably”, it said. Analysts had warned that Npower, which is one of the least efficient suppliers, would be “very deeply into the red” if the proposed cap were to come in and have suggested that Innogy, its German owner, may consider quitting the British business.
Times 13th May 2017 read more »