Eon is preparing to announce about 500 job losses as the energy company tries to cut its costs before the government imposes a price cap. The German-owned supplier, which employs 9,400 people in the UK, plans to inform staff of the redundancies next week, The Times has learnt. They are understood to be subject to final sign-off by Eon executives in the next few days and are being made in anticipation of a squeeze on prices and profits when the cap comes in later in the year. Eon is one of the Big Six companies that dominate the market, supplying about four million households. The government has acted to cap standard energy tariffs after the competition watchdog found consumers were overpaying by £1.4 billion a year amid suppliers’ excess profits and inefficiency. Eon said last month that it was increasing its prices by 4.8 per cent. Analysts expect the Big Six to cut thousands of jobs to try to maintain profitability. British Gas, Britain’s biggest energy supplier, has already blamed the price cap for 4,000 job cuts.
Times 25th July 2018 read more »
