Utility innogy grapples with crumbling client base ahead of breakup
German utility innogy has lost about a quarter million customers over the last year, and its earnings slightly declined to about 1.2 billion euros in the first quarter of 2018 as the asset swap deal between utilities E.ON and RWE looms, the news agency Reuters reports. While innogy’s renewables business showed a stable growth trajectory, profits in the power retail business dwindled compared to the same period one year before.
In a press release, innogy confirmed that it expects to generate a net income of 1.1 billion euros by the end of 2018. Its net debt stands at 17.3 billion euros, the company writes.
For background, read the CLEW article RWE and E.ON overhaul power sector - German reactions to innogy deal.