SSE fined £700,000 for missing smart meter rollout target April 3, 2019 Energy supplier SSE has been slapped with a £700,000 fine for lagging behind on its smart meter rollout. It took the company until February this year to install gas meters for all customers who should have had them by the the end of 2018, Ofgem said. Read more: Watchdog threatens energy provider with ban SSE [...]
Hedge funds take out £86m bets against British Gas owner Centrica March 31, 2019 Hedge funds are taking out record bets against British Gas owner Centrica as the energy sector faces challenges from Ofgem’s price cap. The cap, which increases from tomorrow, has put pressure on suppliers’ margins. Read more: UK must decarbonise heating, Centrica boss says Disclosed so-called short positions in the Big Six energy supplier have risen [...]
SSE pays out £705,000 to regulator Ofgem after misreporting £4m renewable energy payments February 27, 2019 Troubled energy supplier SSE has paid £705,000 to regulator Ofgem after it received £4.07m more than it was owed under the renewable energy scheme. The company overstated payments in its Feed-in Tariff (FIT) submissions to low carbon generators because of an administrative error, the company said, causing it to receive the extra cash. Read more: [...]
Ofgem price cap: What to do if your energy bills shoot up February 21, 2019 Around 11m customers are facing higher energy bills from April, as SSE became the last of the Big Six energy suppliers to hike tariffs this morning. The energy firms have said that they need to put up prices as they are squeezed by higher wholesale costs. Read more: Households told to cough up as Ofgem [...]
Electric avenue: SSE becomes last Big Six supplier to hike energy prices after Ofgem price cap rise February 21, 2019 The energy market completed the set this morning as supplier SSE became the last of the Big Six to say it will hike prices. The move comes exactly two weeks since Ofgem increased the rate which suppliers are allowed to charge customers on default tariffs for their energy. Read more: Ofgem price cap: What to [...]
Five of the Big Six energy providers announce price hikes following Ofgem cap increase February 19, 2019 Five of the UK's Big Six energy suppliers have increased their prices following Ofgem's move to raise the energy price cap. Scottish Power today became the fifth of the major players to announce price increases, coming on the back of British Gas's decision this morning and Npower, Eon and EDF last week. The move leaves [...]
Funds bet against Npowerless SSE as systems upgrade looks set to cost dearly February 17, 2019 Hedge funds have started to bet heavily against SSE as the energy firm faces potentially huge upgrade bills after its merger with Npower fell through. London-based Marshall Wace and US Worldquant have taken out a combined £171m so-called short position. The funds have borrowed and then sold shares in SSE, hoping to buy them back cheaper [...]
SSE issues profit warning as it examines options for energy services business following Npower merger failure February 8, 2019 Big Six energy company SSE today cut its earnings forecast for the year, blaming a European court decision suspending state aid for the UK’s energy capacity market. The company said the court’s decision had the effect of removing the EU Commission’s state aid approval of the GB capacity market and introducing a “standstill period” until [...]
SSE will sell stake in Scottish wind farms in £635m deal February 1, 2019 Utility SSE will sell a large stake in two Scottish wind farms to Greencoat Wind and a British pension fund in a deal worth £635m. The two investors will take a 49.9 per cent stake in the 320 megawatt Stronelairg and Dunmaglass sites, while SSE continues to operate the turbines, the company said. Read more: Would [...]
Nationalise plant if you want to save nuclear plans, Hitachi chairman tells government January 24, 2019 Hitachi’s nuclear plants in the UK will only go ahead if the government nationalises them, the chairman of the Japanese giant has said. The shock statements at the World Economic Forum in Davos came just a week after Hitachi abandoned the £16bn Wylfa nuclear plant in north Wales. Read more: Government faces headache as Hitachi pulls out [...]