Npower loses £154 million after ‘doing too much’

The boss of struggling npower today said it tried to do “too much, too soon” as it racked up huge losses and confirmed the loss of 2400 UK jobs.

The company made a £154 million loss in 2015 and saw 315,000 UK customers desert over the year, partly as a result of billing problems which prevented it from collecting money from customers and poor customer service.

Npower, which still serves 4.77 million people, was fined a record £26 million by Ofgem, the industry regulator, in December.

German parent company RWE is starting a two-year programme to put the group back on track.

But chief executive Paul Coffey said billing problems would continue to some extent this year, as Npower tried to resolve its system problems.