Energy giant RWE has announced that it plans to cut 6,750 jobs across Europe in a bid to reduce costs.
The German utilities company, which currently has more than 67,000 employees and supplies more than 16 million electricity customers and nearly eight million gas customers, said it hoped to lower capital expenditure from €4.5bn (£3.7bn, $6bn) this year to €3bn in 2016.
RWE, which owns UK based provider Npower, told investors the cost cutting programme will be carried out between 2014 and 2016.
"We have identified additional measures to be implemented over the next four years, representing a gross volume €1bn," said Peter Terium, chief executive officer of RWE.
"Allowing for general cost increases, an earnings potential of at least €500m is expected to come from these efficiency measures, which should be realised in full and in a sustainable manner from 2017 onwards."
The company also said it posted an operating profit of €4.6bn for the first three quarters of 2013 and its revenue rose slightly to €39.9bn - representing a 4% hike.
In addition, RWE announced it expects to achieve earnings before interest, taxes, depreciation and amortisation of between €7.6bn and €8.1bn, an operating result between €4.5bn and €4.9bn and recurrent net income between €1.3bn and €1.5bn.
RWE had not responded to a request for information about UK job cuts at the time of publication.