RWE deny rumours of impending nPower sale
Despite a reported 34 per cent increase in profits for 2011, German company RWE has had to deny rumours that its nPower arm is up sale, according to an article published by the Telegraph.
nPower's profits for 2011 rose to Â£313 million; however, nPower, like most other energy suppliers, has come in for criticism following the decision to implement price increases - 15.7 per cent for gas and 7.2 per cent for electricity.
RWE nPower chief executive, Volker Beckers, stated that the company had broken even for the year, compared to the loss made in 2011 - with any UK profit coming as aÂ result of "operational efficiencies and power station earnings."
Defending the energy supplier's price rises, Beckers said: "This market still has in Europe, by far the lowest prices and I don't know why we don't recognise that as a fact.
"We are exposed to the same global commodity dynamics and yet we have the lowest residential prices. You have a similar debate in other countries, but there the understanding is much more, 'We have to transform the energy system, we want to have full compliance with climate change targets.'
"In other countries people are saying, 'For a greener world I am willing to accept that prices are going higher,'" Beckers concluded.
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