Business

Npower owner RWE to cut 6,750 jobs across Europe

  • 14 November 2013
  • From the section Business
RWE power plant in Germany
Image caption Jobs at power plants in Germany and the Netherlands could be cut

German power giant RWE will cut 6,750 jobs across Europe and reduce costs by another 1bn euros (£840m), to help deal with low wholesale prices for energy and an increase in renewable capacity.

The company announced the cuts, which will be carried out between 2014 and 2016, in a letter to its shareholders.

RWE's latest reductions, along with previously announced cuts, mean the firm is shedding 18% of its workforce.

The group said it did not have a figure for the number of cuts in the UK.

Chief executive Peter Terium said: "We will step up our efficiency measures significantly. By 2017, this will contribute an additional 1bn euros of savings."

RWE predicted its pre-tax profit for 2014 would fall from 2013, at between 7.6 and 8.1bn euros, compared to about 9bn euros this year.

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