Innogy's Npower loses customers in Britain amid breakup

Innogy's Npower loses customers in Britain amid breakup

Reuters  | Mar 23, 2020 06:55

Innogy's Npower loses customers in Britain amid breakup

FRANKFURT (Reuters) - German energy group Innogy (DE:IGY), whose retail and grid units were taken over by E.ON (DE:EONGn), lost 143,000 customers in the British market in the fourth quarter, it said on Monday.

The group's retail division Npower is currently being broken up by new owner E.ON in a bid to stem the outflow of customers and merge it with its own British retail operations.

The decline brings total customer losses in Britain to 590,000 in 2019, triggered by "regulatory interventions in the

British retail business in relation to introducing the price cap for standard tariffs and intense competitive pressure", it said.

Adjusted net income fell by 39% to 427 million euros ($458 million) last year, while adjusted earnings before interest and tax (EBIT) fell by 23%, also hurt by asset sales.

E.ON and Innogy in November presented plans to break up Npower, one of Britain's so-called 'Big Six' energy players which have all been losing customers for years, which includes the sale, integration and closure of individual parts.

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