Npower has lost half a million customer accounts since the beginning of 2018 – roughly one tenth of the previous total – according to parent company Innogy.
The supplier is expected to post a loss over the full financial year, Innogy chief financial officer Bernhard Günther revealed in a media call covering the group’s third quarter results.
Innogy did not provide any specific figures for Npower’s financial performance during the period after reporting the company’s income and expenses as discontinued operations in preparation for its planned merger with the retail arm of SSE.
Last week, Innogy announced that the tie-up would likely be delayed beyond the first quarter of 2019 due to “adverse developments in the UK market”. Innogy and SSE have decided to enter into negotiations on adjusting the terms of the transaction as a result.
Meanwhile, SSE has reported a more a more than 40 per cent fall in underlying pre-tax profits to £246.4 million and a statutory pre-tax loss of £265.3 million in its results for the six months to the end of September.
The company also announced plans to transfer its renewable energy assets to a new dedicated entity called SSE Renewables.