Research claims SSE contributes £9.1bn to the UK

Suzie Neuwirth
ENERGY giant SSE contributed £9.1bn to the UK economy last year, according to the results of an independent study released ahead of its full-year results this week, which are expected to show a nine per cent profit rise.

The report, which was produced by accountancy firm PwC, said that SSE supported 112,000 jobs in the UK in 2013.

“Energy companies are under more scrutiny than ever so it’s right we offer as much transparency as we can,” said chief executive Alistair Phillips-Davies.

“We know we’re investing more than we make in profit.”

The announcement by the FTSE 100-listed energy firm, which owns one of the big six suppliers, is likely to be seen as an attempt to deflect criticism ahead of its Wednesday results.

Analysts predict it will announce a nine per cent rise in profits for the last fiscal year, despite having raised customers’ bills by 8.2 per cent during the period.

The firm is expected to report pre-tax profits of around £1.54bn.

SSE said in March that it would freeze energy prices until 2016, with politicians clamouring to take credit for the move.

However the firm will have bought more of its wholesale power on the futures market to guarantee the price freeze, which critics argue will prevent customers from benefiting from lower bills if wholesale power prices continue to go down.

SSE also announced in March that it plans to shelve four offshore wind projects and cut 500 jobs as part of a streamlining process to save £1bn.