Sep 12, 2018

SSE first-half profits dry up after hot summer

UK big-six energy supplier SSE has warned that its profits for the first six months of the year will be half those of a year ago. The company said its adjusted operating profit for the first five months of the financial year was around £190m lower than forecast. A price cap on some customer tariffs proposed by the industry watchdog Ofgem last week was also expected to result in "Significantly lower" adjusted operating profit at the group's SSE Energy Services retail business for the full year to the end of March. "Over time, SSE's energy portfolio management strategy will evolve to reflect its asset base and operations following the planned SSE Energy Services transaction; and also over time, higher gas, carbon and power prices will support the value of SSE's assets," the company said. Alistair Phillips-Davies, chief executive, said that SSE's performance in the first five months of the year had been "Disappointing and regrettable" and highlighted its plans to focus on infrastructure "In the years ahead".

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