ScottishPower posts 28% fall in pre-tax profits

ScottishPower has announced a 28% fall in pre-tax profits in the first quarter of this year. It amounted to £347 million compared to £480 million during the same period last year. Its energy networks business saw a 6% fall in profits this year to £210 million, largely driven by the phasing of investments following the […]

E.ON posts record net loss of €16bn

German utility E.ON has posted a net loss of €16 billion (£14bn) for 2016, its largest so far. That’s due to costs related to the spin-off of fossil generation unit Uniper as well as the company having to cover the cost of disposing and storing Germany’s nuclear waste. However, the firm states the balance sheet […]

Toshiba chairman quits after £2.7bn nuclear loss

The chairman of Toshiba has resigned from his post after the Japanese company reported a net loss of ¥390 billion (£2.7bn) in the year to March 2017. The losses are said to be linked to a deal done by its US subsidiary Westinghouse Electric, when it bought a nuclear construction and services business from Chicago […]

A fifth of renewable firms make a loss

More than a fifth of renewable energy firms have recorded a loss this year. Of these, around half have recorded a loss for the second year in a row. Analysis of 961 green companies from Plimsoll Publishing, shows 257 firms recorded a loss this year, 126 made a loss for the second year running and […]

Energy supplier E.ON posts €7bn loss

German energy giant E.ON has announced a record loss for the second year in a row. The owner of the Big Six firm said its annual net losses more than doubled to €7 billion (£5.4bn) last year. It blamed an €8.8 billion (£6.8bn) write-down in the value of its loss-making power plants. “We recorded these […]

npower hit by £106m loss, confirms 2,400 job cuts

Energy firm npower has announced it is cutting 2,400 jobs to make cost savings after losing almost 355,000 customers last year. Gas and electricity accounts dropped by around 7% to 4.77 million by the end of 2015 as a result of “over complicated processes” and poor customer service. However it claims to be seeing improvements, […]

Electricity theft costing ‘$90bn a year globally’

The world is losing nearly $90 billion (£57bn) to electricity theft every year, according to new research. The top 50 emerging markets lose $58.7 billion (£37.4bn) a year while the rest of the world see losses of around $30.6 billion (£19.5bn). The report from smart market analysts Northeast Group found reducing theft in the 50 […]

SSE’s half-year profits up 4.6%

Energy giant SSE’s profits rose to more than £370 million before tax in the first half of this year despite an operating loss from its business that sells power to consumers. That’s a 4.6% increase as a result of “significant investment” in electricity networks and progress in its business-to-business division, it said. The supplier reported […]

Centrica warns on profits while E.ON sees 17% rise

The owner of British Gas has warned its full year profits could be “significantly lower” than in 2012 while E.ON announced a 17% rise in profits over the last nine months. Centrica expects its profits to come in as much as 4% below forecast as its business supply arms struggle and gas-fired power plants face […]

SSE confirms £354m profits after price rise

Power provider SSE has revealed its profits and a bigger payout to its shareholders just two days before its household prices are due to rise by 8.2%. The energy supplier confirmed adjusted pre-tax profits of £354 million in the six months up to the end of September – down 11.7% in the same period last […]