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Innogy takes £427m hit on Npower value

From BBC - November 13, 2017

German energy giant Innogy has cut the value of its UK energy business Npower by 480m (427m), amid a "difficult situation" in the UK market.

Last week, Innogy confirmed it planned to merge Npower with SSE's UK energy supply business to form a new company.

Innogy announced the writedown in Npower's value as it reported results for the nine months to September.

It said competition in the UK retail business remained "very tough and pressure on margins is very high".

The Npower writedown was partly in response to tightening regulations, Innogy said.

Draft legislation designed to lower the cost of energy bills was published by the UK government last month.

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