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npower First Nine Months 2016 Results – Media Update

npower First Nine Months 2016 Results – Media Update

Operating Result

FY 2014
£M

FY 2015
£M

Q3 2015
£M

Q3 2016
£M

Change
£m

 

£183

-£99

£-48

£-65

£-17

 

Revenues

FY 2014
£M

FY 2015
£M

Q3 2015
£M

Q3 2016
£M

Change
£m

 

£7,866

£7,025

£5,257

£4,418

-£839

 

Customer Accounts

FY 2014

FY 2015

Q3 2015

Q3 2016

Change

Domestic
SME
Industrial & Commercial

5.13m
0.21m
0.21m

4.78m
0.20m
0.23m

4.92m
0.20m
0.23m

4.77m
0.19m
0.23m

-0.15m
-0.01m
0.00m

 

Customer Service

FY 2014

FY 2015

Q3 2015

Q3 2016

Change

Incoming Complaints*

1,481,054

635,637

555,750

251,443

-304,307

Late Invoices**

N/A

95,600

104,925

76,306

-28,619

Please note Q3 ’15 v Q3 ’16 comparison retail only – Previous statements included conventional power generation results.
* Total number of complaints received Jan-Sept **Total outstanding at 30 Sept.

Paul Coffey, CEO npower commented:

“The information released today represents the first results under our new parent company innogy SE, which was spun out of RWE AG and successfully listed last month on the Frankfurt Stock Exchange, Germany. This new company comprises the three business segments Grid & Infrastructure, Retail and Renewables.

“In the UK the retail energy market continues to be tough with the highest level of competition ever, rising wholesale prices and the need to meet the substantial cost of ongoing Government and Regulatory programmes such as the smart meter roll-out, capacity market and network upgrades.   

 

“These cost burdens have not so far been fully offset by our recovery plan and therefore profit in absolute terms is below the same stage in 2015, although for the full year we expect to improve on 2015.

“npower is starting to perform and compete better, and our operational improvements are bearing fruit.  Compared to this time last year, we have received 45% fewer complaints, and since the start of the year we are holding our own on customer numbers. More than 50% of our customers now interact with us digitally, with half of these taking place on mobile devices.

“We are working hard now to prepare for the implementation of the Competition and Markets Authority (CMA) recommendations as it is important that all customers can chose how to exercise their right to select the energy supplier and products that are suitable to them.  We’ve made huge strides this year in improving our customer service, and the latest figures show we now receive the third fewest complaints of Big Six, but we know we have a long way to go to deliver a consistent experience that we can all be proud of.”

 

(ENDS)

For further information please contact the npower press office on 0845 070 2807