The announcement comes as Centrica reported a pre-tax loss of £446m in the first six months of 2019

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 […]

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 […]

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 […]

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]