UK energy firm says it’s cutting jobs, downsizing its workforce to meet market pressure

Energy company EDF says it has been reducing jobs in a bid to meet rising market demand. 

The energy giant says it is reducing the number of employees it employs by more than half. 

Its biggest cuts will come in the energy sector and in its supply chain. 

 The firm says the cuts are part of a wider restructuring of its workforce and that it will not make any further changes to its workforce. 

It says it expects the reduction in its workforce over the next two years to be about 2,000 jobs, or roughly 8% of its global workforce.

Energy demand is forecast to rise by more then 5% a year by 2030, and EDF forecasts that this growth will be fuelled by demand from China, India and the US. 

Last year, EDF slashed its workforce by nearly 1,000, or 3%, as it struggled to meet growing demand from countries such as China, Japan and the UK. 

“Our work in the sector is changing and we are seeing demand growth that is outpacing our capacity to deliver and manage it,” EDF CEO and chairman of the board, Sir Ian Wood, said in a statement. 

EDF has been struggling to meet its increased energy demand in recent years as it tries to ramp up production of natural gas from shale gas, which can be used to produce electricity. 

In its latest quarter, EDS reported a net loss of 1.8bn euros ($2.4bn), an improvement from the 1.6bn euros loss it recorded in the first quarter. 

More: EDF’s shares have fallen about 5% since last year and have fallen by about 30% since January. 

But the drop in profits was offset by a gain in cash, as the firm was able to borrow money from a Chinese sovereign wealth fund, the Bank of China. 

Investors are expecting a further decline in the company’s share price. 

Earlier this month, EEDF also said it would lay off 4,000 staff and reduce its workforce in its power generation business by a further 1,500. 

At the same time, the company said it was reducing the size of its wholesale energy business by 5%. 

“This means that we will reduce the number and size of our wholesale energy operations to ensure that our electricity customers are better served and that they are not negatively impacted by our planned restructuring,” Mr Wood said. 

Energy demand will grow by 2.5% a decade by 2030 as countries such of China, the UK and the USA add more capacity to their grids, according to the International Energy Agency (IEA). 

More from the BBC’s Energy Unit: Energy firms have been facing a shortage of skilled workers, and demand for new technology has pushed up prices, pushing up the cost of energy and increasing the cost to produce it. 

Many of these changes have come about because of the global economic crisis, with energy prices rising and new technologies such as renewables increasingly cheaper than traditional energy sources.

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