Big six energy giant SSE has blamed Britain’s calm and balmy weather for an £80m hit to its profits as it prepares to siphon off its household supply arm to avoid the Government’s cap on prices. SSE’s shareholders voted through plans to back out of the household energy market at the company’s annual meeting on Thursday afternoon, just hours after MPs backed new legislation to set energy tariff caps.
Telegraph 19th July 2018 read more »
SSE saw more than £330 million wiped off its stock market worth last night after it warned its full-year results could be hit by the impact of lower wind-farm output and high wholesale gas prices in the first quarter. Shares in Perth-based SSE, one of Scotland’s biggest companies by market value, dropped 2.35 per cent after it revealed an £80m hit to first-quarter operating profits compared with forecasts.
Herald 20th July 2018 read more »
The energy bills for up to 11 million households should fall this winter after a price cap was approved by parliament. Approval of the legislation moves the ball into the court of Ofgem, the regulator, which is preparing to consult in the coming weeks on the level of the cap. The government decided to introduce a cap on standard variable tariffs, the price-plans customers end up on by default, after it was learnt that they were overpaying by £1.4 billion a year. It will apply to those who are not covered by existing caps, which limit prices for 5 million vulnerable households.
Times 20th July 2018 read more »