SSE on course despite slight lag in renewables January 31, 2020 Energy giant SSE marked its first quarter out of the household energy sector by saying that it is on course to deliver on its earnings target for the year. The announcement comes despite the firm’s renewable output slipping five per cent behind expectations in the first nine months of the year. The former Big Six [...]
Ovo completes purchase of SSE’s retail business January 15, 2020 Ovo today completed the acquisition of SSE’s retail arm on a landmark day for the UK energy sector. The £500m deal will see Ovo take on roughly 3.5m households from the energy giant, meaning it will become the second largest supplier in the country with around 5m customers. Read more: Watchdog gives green light for [...]
National Grid and SSE shift to overseas ownership to counter Labour nationalisation plans November 24, 2019 The backlash to Jeremy Corbyn’s sweeping nationalisation plans has begun, as two of the UK’s leading power companies said that they had shifted ownership of their British operations overseas. The Sunday Times revealed that SSE and National Grid had confirmed that they had set up offshore companies in Switzerland and Luxembourg and Hong Kong respectively [...]
SSE profit rises as it calls for political action on renewables November 13, 2019 Big Six energy supplier SSE swung back into profit in this morning’s half-year results, as its chief executive called on the next government to put renewable power at the front and centre of their climate change plans. Read more: Competition watchdog to examine £500m Ovo Energy SSE deal The figures Reported profit rose to £128.9m [...]
SSE in talks to sell energy retail business to Ovo Energy August 11, 2019 Energy giant SSE is weighing up whether to hive off its 5.7m-customer energy retail business to independent supplier Ovo Energy, in a deal believed to be worth hundreds of millions of pounds. SSE’s energy services arm supplies electricity and gas to households across the UK. It also does maintenance work such as boiler repairs, meter-reading [...]
Vodafone dividend cut: which UK shares might be next? May 28, 2019 | City Talk By Tom Bailey from interactive investor. Vodafone's cut might be a canary in the coalmine for FTSE 100 shares. Over the past year the market has increasingly cooled on Vodafone (LSE:VOD). The company has a long list of problems, including the high cost of 5G investment, being squeezed by competition on the continent and high [...]
SSE falls ‘well short’ of hopes, chairman admits as thousands of customers flee May 22, 2019 The chair of energy giant SSE today said his company’s results “fell well short” of what the board had hoped, in a year when 550,000 customers left the business. The company also created a board of directors for its retail arm, saying it wants to spin the unit off by the second half of next year. [...]
Labour plans to nationalise power grid would delay green transition, firms say May 15, 2019 The businesses which supply power to British homes have hit out at Labour after it revealed plans to bring the electricity grid back into public hands. National Grid, which has run the networks since privatisation in 1990, today took aim at the party’s ambitions, saying its business was creating a framework to help Britain reduce its [...]
Energy giant SSE set to axe 444 jobs in retail sector covering smart meter installation May 8, 2019 Energy giant SSE has confirmed it will cut 444 jobs for people working in its retail sector, including those who fit smart meters to homes in the UK. SSE today blamed the cuts on "competition increasing, the introduction of the energy price cap and higher operating costs". Read more: SSE talks to Talktalk over £1bn retail unit [...]
SSE talks to Talktalk over £1bn retail unit after scrapping Npower deal April 28, 2019 Scottish energy supplier SSE has approached a number of its rivals, and broadband provider Talktalk as it tries to find a buyer for its £1bn retail division. The company has promised to update shareholders on the future of the unit before its full year results towards the end of May, after a merger deal with [...]