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 [...]
Former SSE boss Ian Marchant invests in London smart home startup January 21, 2019 A London-based smart home technology startup, backed by the former chief of SSE Ian Marchant, today announced that it has raised £2m in a new funding round. Den, which has now raised a total of £5m, is also backed by Mark Davies, a founder of Betfair. Read more: Stay on top of your resolutions with the [...]
As competition heats up, meet the energy company taking on the Big Six by cutting consumption January 14, 2019 You know the drill: energy companies lure you in with a cheap introductory rate, and once it expires, you’ve either got to repeat the hassle of shopping around for a new deal, or you’re automatically moved onto the provider’s expensive default tariff – otherwise known as the standard variable rate (SVR). This isn’t a glitch [...]
SSE to sell 50 per cent stake in its telecoms arm for £380m in bid to cut debt December 21, 2018 Scottish and Southern Energy (SSE) is set to sell a 50 per cent stake in its telecoms business to Infracapital for a fee of around £380m. The company announced the planned sale to the infrastructure equity investment arm of M&G Prudential on Friday as it tries to reduce its debt. It comes as part of a wider restructuring [...]
SSE abandons takeover of rival energy provider Npower as government price cap takes its toll December 17, 2018 A planned merger between SSE and Innogy's Npower will no longer be going ahead, after the two gas and electricity firms were unable to reach an agreement on "revised commercial terms". SSE announced this morning that its board has decided the merger is "not in the best interests of customers, employees or stakeholders" following further discussions with [...]