npower restructuring ‘is bearing fruit’

Posted at August 11, 2016 » By : » Categories : News » Comments Off on npower restructuring ‘is bearing fruit’

npower restructuring ‘is bearing fruit’

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RWE has said the restructuring of npower “is bearing fruit”.

In its report on the first half of the fiscal year, the German firm stated its UK supply business is successful.

Peter Terium, CEO at RWE AG: “The restructuring programme in our UK supply business has got off to a good start. The operational improvements are on track, including those to meet the customer service goals agreed with the UK regulatory authority Ofgem.

“This is also increasingly reflected in our customer numbers: our competitive position in the UK residential sector has stabilised since the significant customer losses suffered last year.”

However, RWE’s EBIDTA has fallen by 5% during the first six months of this year to €3 billion (£2.5bn) and its operating result dropped by 7% to €1.9 billion (£1.6bn).

Earlier this year, RWE launched its subsidiary or renewable energy, grids and retail named Innogy.

The company expects the subsidary’s EBITDA to be €4.1 billion (£3.4bn) to €4.4 billion (£3.7bn) this year.

There has been a lot of trouble at npower lately with huge job losses following a downturn in customer numbers.

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