SSE on course to ‘pump up profits’ to £1.54bn and increase shareholder payout

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Energy giant SSE said it 
was on course to pump up 
profits to £1.54bn this year and increase payouts to shareholders, two months after announcing a sharp hike in customer tariffs.

The announcement is likely to spark fresh anger following Labour calls for a cap on household gas and electricity bills as incomes continue to be squeezed.

SSE, which trades as Southern Electric, Swalec and Scottish Hydro, raised tariffs by an average of 8.2 per cent from November, blaming Government green levies as well as rising network costs and wholesale energy prices.

Bills will be cut by 3.5 per cent for all of the group’s nine million residential customers from March 24 after the group passed on savings from the Government’s green levy shake-up but it still means an overall above-inflation rise for hard-pressed households.

In a trading update, SSE’s chief executive Alistair Phillips-Davies said that despite the “difficult business environment”, it was encouraging that the group was on course to deliver more profits and cash for shareholders.

Shadow energy secretary Caroline Flint said: “Yet again we see an energy company increasing its profits and payouts to shareholders on the back of spiralling bills for hard-pressed consumers.”

Yorkshire Post Innovation Network..Pictured from the left are Dr Abdulrahman Altahhan, Greg Wright, Stuart Sherman, Chris Atkinson and Jamie Morgan..21st March 2018 ..Picture by Simon Hulme

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