National Power to cut 1,000 more jobs through closures

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The Independent Online
NATIONAL Power is to shed 1,000 jobs through power station closures, writes Mary Fagan. The cuts, over two to three years, are in addition to 10,000 job losses since 1990, when the company inherited a workforce of 17,200 from the former Central Electricity Generating Board.

The company said further job losses could occur through reorganisation and a continued drive to reduce costs. National Power is restructuring to form a UK business alongside several new development teams targeting overseas markets.

Last year National Power increased pre-tax profits by 13 per cent to pounds 580m although turnover fell by 8 per cent to pounds 4.3bn from pounds 4.7bn the previous year. Earnings per share grew by 15 per cent to 32.9p in the year to 28 March and the dividend, at 10.6p, is an increase of 16 per cent on last year.

John Baker, chief executive, warned that the company faced a more uncertain future. Competition from nuclear power is increasing more rapidly than expected and new gas-fired plants owned by independent generators are coming on stream.

Yesterday National Power was given government consent to build its fourth combined-cycle gas-turbine power station, at Staythorpe in Nottinghamshire.

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