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Wednesday, January 31, 2018

SSE sheds more customers as talks on Npower merger begin with regulator

SSE has started talks with the competition watchdog over its merger with rival Npower, as the energy supplier revealed that it lost thousands more customers with households continuing to switch to cheaper rivals.

The group has confirmed that it, along with Npower's parent firm Innogy, are in pre-notification discussions with the Competition and Markets Authority (CMA), with the deal on course to be completed by the last quarter of 2018 or the first quarter of 2019.

The merger, which will create a combined £3 billion energy supplier and turn the Big Six energy suppliers into five, has come under fire from MPs, who fear it will spell bad news for energy consumers.

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But SSE insisted that the deal will "serve the needs of customers, employees and other stakeholders in the long term".

It came as SSE revealed that it lost another 40,000 accounts over the past three months as households continued to switch away from the Big Six to cheaper rivals.

The group pointed to "complex challenges" in the energy market after total customer accounts in the UK and Ireland dropped to 7.68 million from 7.72 million.

They have also come under recent pressure from smaller rivals who have been taking customers and market share.

Read more at the Daily Mail