THE merger of two energy giants was branded “an appalling example of rampant capitalism” yesterday as Unite called for an urgent investigation.
The union said the proposed deal between British-owned SSE and German company nPower was “solely for the benefit of shareholders” and urged the Competitions & Markets Authority to have a “critical look” at the merger.
The union warned of “years of uncertainty” as the merger plays out, fearing “job losses could be on the cards to feed insatiable shareholder hunger.”
The so-called “big six” energy companies already have an estimated 80 per cent of the market and the merger, making a “big five,” would concentrate the domination of the market in fewer hands.
Unite national officer Kevin Coyne warned: “This is a flagrant example of rampant capitalism designed to solely benefit the shareholders, with
scant regard for the workforce and the hard-pressed consumer.”
Energy and public services union Unison promised to “leave no stone unturned” as it works to protect the jobs of thousands of people employed by SSE and NPower.
SSE had not responded to the Star’s request for comment at time of going to press.