Npower double their profits as we reel from their latest price rise
If you’re a Npower customer, you’ll no doubt be delighted that the company has doubled its profits in the first nine months of the year. You might not be able to afford to raise a glass and toast them, thanks to their recent eye-watering gas and electricity price rises, but surely you can appreciate their skill and guile when it comes to achieving an astonishing return for their shareholders.
Even though you, the average consumer, is cutting down on your energy consumption (hardly surprising, what with the price rises), Npower have still mananged to make a profit of £234 million between January and September – compared to £95 million in the same period in 2010. Wowsers!
Npower are patting themselves on the back and putting the increase in profits down to them being so clever when it comes to buying their wholesale gas and electricity. Hold on – does that mean that they’re saving money when it comes to buying the stuff yet still ramping up the prices when it comes to selling it on to us? Surely not – there must be a catch.
Okay, we’ve had a think and there doesn’t seem to be a catch. But Npower boss Volker Beckers has spoken and he doth sayeth thus: “It is only through sustaining this kind of company performance that npower can continue to support the delivery of billions of pounds worth of new investment in UK infrastructure, creating thousands of highly skilled jobs across the UK, and providing a foundation for the recovery of the British economy.” Ah, the infrastucture. Nope, still baffled.
Once again, some numbers for you…
Price rises by Npower last month: Gas – 15.7%. Electricity – 7.2%.
Npower profit between January and September 2011: £234 million.
If any of you can figure out how that actually works, please let us know.