e.on

Energy company E.ON (LON:E.ON) have said they will cut 500 jobs in the UK, as the energy market continues to change at an “unprecedented rate”.

The group currently employs around 9,400 people across the country, and now says it will be cutting jobs across non-customer facing departments as part of a drive to improve efficiency and “continue to innovate”.

According to E.ON the environment has become “increasingly competitive”, and the 500 job cuts are part of a transformation plan set to save around £100 million in the mid-term. The company has not announced specifics of where or what department the job cuts will come from.

UK chief executive Michael Lewis said: “We’ve undertaken a rigorous review of our options to ensure we keep costs as low as possible, become a more agile organisation and remain a sustainable business in the UK.

“In discussion with trade unions we’ve identified potential reductions of around 500 roles across the UK and we’re committed to achieving these reductions on a voluntary basis wherever possible.”

E.ON shares are currently trading down 0.71 percent at 9.58EUR (1150GMT).