Falling number of customers, planned price cap and tougher competition prompts big fall in value of UK assetsNpower has inflicted a €480m (£427m) writedown on its German parent company, Innogy, which it blamed on the worsening UK energy market and Prime Minister Theresa May’s price cap. Innogy said the planned merger of npower and the UK’s second biggest energy supplier, SSE, had not affected its assessment of the reduction in the value of the business. The German energy giant reported earnings before interest and tax up 9% to €2bn for the first nine months of 2017, but the results showed what a burden its UK retail business has become. Separately, France’s EDF Energy revised down its earnings target for 2018 from at least €15.2bn to €14.6-15.3bn. The company blamed a reduced availability of its nuclear power stations and the expectation of reduced electricity consumption in France next year.

Source: The Guardian November 13, 2017 10:07 UTC