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Innogy's British unit Npower lost customers in 2016
March 13, 2017 / 7:41 AM / 8 months ago

Innogy's British unit Npower lost customers in 2016

FRANKFURT (Reuters) - Innogy’s (IGY.DE) Npower, one of Britain’s big-six power and gas providers, lost customers in the hotly contested British retail market last year, pointing to a “challenging” environment.

A sign hangs outside an npower building in Solihull, Britain March 7, 2016. REUTERS/Darren Staples

The number of gas and electricity clients in Britain stood at 4.921 million in at the end of 2016, down 77,000 from a year earlier, according to Innogy’s annual report that was published on Monday.

“Some customers can only be retained by making the conditions of their contracts more favourable to them,” the company said.

Following billing issues and growing competition in Britain, Innogy launched a turnaround programme, including job cuts, that helped it narrow the unit’s adjusted loss before interest, tax, depreciation and amortisation to 11 million euros (9.7 million pounds) in 2016.

In 2015, the loss stood at 65 million euros.

Reporting by Christoph Steitz; Editing by Edward Taylor

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