Power giant reveals profits up by 34%
The company, which supplies more than six million customers in the UK, said profits were £313 million in 2011, up from £232m the previous year.
Npower, owned by German utility giant RWE, lifted average tariffs for gas by 15.7 per cent and electricity by 7.2 per cent last October – but has since lowered gas bills by 5 per cent.
Advertisement
Hide AdAdvertisement
Hide AdThe company said the surge in profits was driven by improved income from power generation, as well as higher cost savings, while it also invested nearly £1 billion in clean energy in the UK.
Npower, the fourth largest provider in the UK, blamed rising wholesale prices on the global market and a commitment to invest in future energy supplies when it hiked bills last year. But it said its bills remain below the current national average.