Gas revenues on the rise after price hikes at RWE

Npower parent company RWE has increased gas revenues from UK customers by 11 per cent after hiking prices ahead of the coldest spring in decades.

The German group is the latest energy supplier to reveal how much it cashed in from the unprecedented freeze that forced shivering householders to spend extra money keeping their homes warm.

Npower, one of the UK’s big six energy suppliers with 6.5 million gas and electricity accounts, put up gas tariffs by 8.6 per cent last November shortly before the onset of the bitterly cold spell.

Sign up to our daily newsletter

The i newsletter cut through the noise

UK gas supply volumes increased by 12 per cent over the first half of the year, pushing revenues for RWE up by €138 million (£118m) to €1.34 billion.

But the company said operating profits from the UK were down 6 per cent to €206m, blaming new regulations forcing energy companies to simplify tariffs and pay for energy efficiency measures in customers’ homes.

“However, price adjustments cushioned the aforementioned burdens,” the group said.

Meanwhile UK electricity revenue was down 4 per cent to €2.94bn on falling volumes supplied to industrial and corporate customers – blamed on competition and economic conditions.

RWE saw overall income before tax fall 38 per cent to €979m.