Big Six energy supplier, Npower, is set to cut up to 900 jobs under a programme to slash its operating costs amid an “extremely tough” UK retail energy market.
The company that employs 6,300 people in the UK said the number of redundancies would actually be significantly lower than that number due to the high number of people that leave each year.
Chief Executive Paul Coffey said: “Ofgem itself forecasts that five of the ‘Big Six’ energy companies will make a loss or less than normal profits this year due to the implementation of the price cap, and with several recent failures of new energy suppliers, it is clear that many have been pricing at levels that are not sustainable.
“Even with these reductions, we still forecast significant losses this year, but we’re doing everything we can to minimise them whilst continuing to focus on service and value for our customers.”
This comes following a proposed merger between the German owned company and SSE fell through after the two firms failed to agree on terms to ensure financial support for the new firm.