SSE has been fined more than £2 million after failing to disclose market-sensitive information that a coal-fired power plant had been saved from closure in 2016. The energy giant had announced in February that year that it planned to close three of the four units at its Fiddler’s Ferry power station in Cheshire in April, shutting down supplies capable of meeting about 3 per cent of Britain’s peak demand. The move threatened to worsen a looming energy crisis in the following winter when power supplies were forecast to be scarce and there were warnings of a heightened risk of blackouts. However on March 22, SSE signed a non-binding ‘heads of terms’ agreement with National Grid, the company responsible for keeping the lights on, to keep Fiddler’s Ferry open in order to provide emergency capabilities to the system. SSE failed to disclose this agreement to the stock market until March 30, when it had finalised the contract.
Times 3rd Sept 2020 read more »