Energy industry

Npower to cut 900 jobs as it predicts marked financial losses for 2019 | Business – Business Article

Npower, one of big six energy firms, is to cut 900 jobs, as the company warned it would make significant financial losses this year. The German-owned supplier blamed the cuts, about 15% of its UK workforce, on the government’s price cap on default tariffs and “intense competition” in sector over fixed deals. Npower said about 900 roles would go over the coming year and that it would consult staff over the next month. The company’s chief executive hit out at…

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Small energy suppliers get a growth boost as their rivals collapse | Business – Business Article

Eight small energy suppliers closed their doors last year as rising wholesale costs tipped them over the edge, and the trend has continued into 2019, with the recent insolvency of Economy Energy, followed by Our Power, which failed on Friday. Industry watchers predict there are more failures to come. The string of collapses has shone a spotlight on unsustainable pricing by new entrants and on the costs all households face from picking up the pieces. What is less remarked upon…

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British taxpayers face £24bn bill for tax relief to oil and gas firms | Business – Business Article

British taxpayers face a £24bn bill for tax relief awarded to oil and gas companies removing hundreds of North Sea wells, rigs and pipelines, the UK public spending watchdog has said. The National Audit Office (NAO) said the figure would climb if companies collapse and are unable to pay for cleaning up their operations, leaving the government to pick up the tab. The industry has contributed more than £300bn in tax revenues to the Treasury since the 1960s. North Sea…

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