Competition concerns raised by new company which will have 11.5m customer accounts
SSE and Npower, two of the UK’s “big six” energy suppliers, insisted their merged household supply businesses would be “good for competition”, despite concerns that it could increase the “stranglehold” of the largest operators on the market. FTSE 100 power company SSE and Npower, owned by Innogy of Germany, on Wednesday announced a deal that will cut the “big six” to five and create a new UK-listed energy company with 11.5m customer accounts. SSE shareholders will own 65.6 per cent of the combined company and Innogy the remaining 34.4 per cent. Innogy has committed to maintaining its stake for at least six months following completion of the deal, although chief executive Peter Terium indicated it would seek to exit “in time”.
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