SSE, Npower to renegotiate merger terms

Business 11/9/2018, 3:52 AM
SSE, Npower to renegotiate merger terms

SSE plc and Innogy SE, the owner of Npower Limited are renegotiating merger terms amid the introduction of the new energy price cap and "tough market conditions."

Government in London introduced legislation in September capping the default electricity and gas bill at £1,136 a year. The cap, which is expected to be in effect by the end of 2018, will require suppliers like SSE and Npower to cut their default tariff prices.

"We continue to believe that creating a new, independent energy supplier has the potential to deliver real benefits for customers and the market as a whole, and that remains our objective," CEO of SSE Alistair Phillips-Davies stated. The merger, set to create the second largest energy company in the United Kingdom, was already cleared by the regulators.

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