Power rival’s £12m loss

eNeRGY firm First Utility has blamed a price war after slumping to a £12.7m loss.

The firm crashed down from a £1.7m profit the year before, despite boosting revenue by 7pc to £908.4m as it signed up more customers.

Bosses said the results were hit by fighting between the so-called Big Six – British Gas, eDF energy, npower, eon UK, Scottish Power and SSe – and smaller rivals seeking to grow fast. Serving 850,000 homes, it is Britain’s seventh-biggest supplier.

The firm said: ‘In the face of a market which has enabled Big Six loss-leading tariffs and start-up energy companies to price below cost to gain market share, the company has struggled to meet ambitious growth targets it set itself at the beginning of the year.’