Fears of job losses at SSE are rising as the blue-chip electricity and gas supplier seeks to save money. Bosses are believed to have signalled cost-cutting plans for the retail division during investor roadshows in recent weeks, citing challenges such as the energy price cap and a drop in customer numbers. An industry source said: “You are not going to be able to make significant savings unless you lose some people. The issue is whether they can meet that target through attrition, or whether they will have to look at redundancies.” SSE, which supplies almost 6m households, made £1.4bn profit last year and has about 20,000 staff in Britain. Its share price has fallen more than 10% over the past year as boss Alistair Phillips-Davies has struggled with problems such as dry weather denting renewable power generation. The company has issued three profit warnings since the start of last year. The future of SSE’s household business is up for review after a plan to spin it off into a new entity with rival Npower fell through. It could still be split off from the main business. SSE said:
Times 7th April 2019 read more »
