Britain’s second largest energy supplier is in a race against time to set up its £3bn household energy spin-off before ministers bring in an energy price cap by early 2019. SSE is hoping to team up with Npower’s German parent company Innogy to cut ties with the household market by setting up a standalone company before the Government drops an axe on energy company profits in a little over a year. The pair submitted their plans for a new £3bn energy giant to the CMA within hours of revealing them to investors yesterday afternoon. Peter Terium, Innogy’s boss, told the Telegraph that the Government’s controversial price cap plans “speeded up” talks with SSE, which began last year in a bid to ward off competition from a rising number of upstart challenger brands.
Telegraph 8th Nov 2017 read more »
SSE and Npower are facing a backlash over plans to merge their supply businesses, amid fears over the fate of almost 16,000 UK employees and potential disruption for seven million household customers. Britain’s second and sixth largest energy suppliers today announced they had agreed terms of a merger to create a new independent supply giant that would allow them to slash costs by more than £100 million a year. The merged company, with £3 billion of combined assets, would include the SSE and Npower household supply arms and Npower’s business supply division. They hope to list the new supplier in London by the end of next year or early 2019, just as the government’s sweeping price cap on standard energy tariffs is expected to come into effect.
Times 9th Nov 2017 read more »
Unions fear that thousands of Scottish jobs could be at risk after the energy giant SSE confirmed plans to merge its retail business with Npower. The proposed deal would also affect hundreds of thousands of Scottish consumers who get their electricity and gas from the companies.
Times 9th Nov 2017 read more »
Herald 9th Nov 2017 read more »
A strong performance from ScottishPower’s renewables business was a highlight of Spanish parent Iberdrola’s third-quarter results, as the Scottish business also hit out again yesterday at the proposed energy price cap. Underlying earnings at ScottishPower Renewables jumped a third to £211.6 million from £157m in Q3 of 2016. It said total wind power production rose 34 per cent so far in 2017, with a 37 per cent uplift in onshore wind alone during Q3. It came as the £650m two-year programme to build eight new onshore wind farms in Scotland was completed in the latest quarter. Keith Anderson, ScottishPower’s chief corporate officer, said: “ScottishPower continues to invest heavily to deliver a clean, reliable and fairer electricity system for the UK despite continued political uncertainty.”
Scotsman 8th Nov 2017 read more »
