E.ON announced that it would cut 500-600 jobs in its U.K. work force, citing challenging market conditions for its retail energy supply business

In a statement E.ON said: "Suppliers in the UK energy market are facing a significant threat to their futures in a market that continues to be extremely competitive but that is also massively distorted by the energy price cap and the many firms now seemingly content to run at a significant loss.

"Only companies that continue to evolve and adapt to the nature and challenges of the market will be able to succeed. As a result, we can confirm we have announced to colleagues a proposal to reduce between 500 and 600 roles across support activities and managerial positions in the UK," the company said

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