SSE sells energy from waste plants for £1bn October 13, 2020 SSE today announced that it would sell its stake in two energy from waste plants for £995m as it continues to raise money to invest in low-carbon projects. Shares in the FTSE 100 company rose 3.9 per cent in the morning’s trading. The divestment, which is expected to complete by the end of the year, [...]
SSE remains on track for £250m coronavirus hit September 30, 2020 Energy giant SSE today confirmed that it was on course for a £120m to £130m hit for the first six months of the year due to the impact of the coronavirus pandemic. Back in July, when it unveiled its full year results, the firm warned that the pandemic, which has caused power demand to drop, [...]
SSE fined £2m by Ofgem over ‘inside information’ failings September 3, 2020 SSE has been fined £2.1m by Ofgem for failing to publish inside information about the wholesale energy market. The FTSE 100 energy firm failed to publish timely information about the future availability of its generation capacity, the regulator said. This was likely to have had a “significant” effect on forward wholesale electricity prices, it added. [...]
Greencoat Wind to buy SSE wind farm stake for £350m September 1, 2020 Renewable investment fund Greencoat Wind will buy SSE’s 25.1 per cent stake in two wind farms off the coast of Cumbria for £350m. The Walney wind farms, which are situated nine miles off the Cumbrian coast, have a capacity of 367.2 megawatts. Danish power company Orsted holds a 50.1 per cent stake in the assets, [...]
Ovo pays out £1.2m over SSE’s missed smart meter targets August 21, 2020 Ovo Energy has paid £1.2m to the industry regulator after SSE Energy Services, which it acquired in January, missed smart meter installation targets. Energy suppliers are required to meet annual targets to install gas and electricity smart meters, as the government aims to roll out the technology to all homes and small businesses by the [...]
SSE sticks to low-carbon plan despite £250m coronavirus hit July 16, 2020 Energy firm SSE today said that it expected to take a £150m to £250m profit hit from the coronavirus crisis, which has sent power demand tumbling. Despite the hit, the FTSE 100 firm said it was continuing with its £7.5bn programme of investments in low-carbon energy sources. It added that it would continue to pay [...]
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 [...]