|Bid||12.56 x 200000|
|Ask||12.74 x 200000|
|Day's Range||12.39 - 12.39|
|52 Week Range||11.38 - 16.16|
|Beta (3Y Monthly)||0.60|
|PE Ratio (TTM)||41.30|
|Forward Dividend & Yield||1.12 (9.41%)|
|1y Target Est||N/A|
While a British election is not due until 2022, and opinion polls show the main opposition party falling short of a governing majority, Labour laid out plans this month to offer shareholders less than current market value under a future nationalisation. SSE's chief executive said there was huge uncertainly over Labour's plans and a question mark over whether they would even achieve a majority in parliament to enact the strategy if they were to get into power. Energy regulator Ofgem was told by parliament last year to cap energy prices after lawmakers said customers were being overcharged for electricity and gas.
Britain and Ireland's largest trade union Unite said SSE would cut 444 jobs, or around 5 percent of employees, in its retail business, blaming a lack of interest from customers for the smart meter devices that could help cut energy emissions. Britain has a goal to roll out around 50 million smart meters to almost 30 million homes by the end of 2020. "Like a number of suppliers, we are facing challenges due to competition increasing, the introduction of the energy price cap and higher operating costs," Chief Operating Officer and Co-Head of Retail, at SSE Energy Services Tony Keeling, said.
(Reuters) - British energy company SSE Plc has approached companies including broadband provider TalkTalk Telecom Group about a deal to sell its household supply unit, Sky News reported http://bit.ly/2Lm9c2T ...
A European Union court ruling last year forced Britain to halt payments under its capacity market scheme, which pays power generators to be available in times of high demand. Ofgem said this week the cap on prices would rise by more than 10 percent from April 1.
British energy supplier SSE has agreed to sell nearly half of its stake in the Stronelairg and Dunmaglass wind farms in Scotland to renewables fund Greencoat UK Wind and a UK pension fund for 635 million pounds ($832.17 million). SSE will sell its 49.9 percent stake in the wind farms but will continue to hold the remaining 50.1 percent majority stake and continue to operate both assets. Greencoat UK Wind, an infrastructure fund managed by Greencoat Capital, is buying the stake in partnership with a large unnamed UK pension fund whose investment is managed by Greencoat.
FRANKFURT/BENGALURU/LONDON (Reuters) - SSE (SSE.L) and Innogy (IGY.DE) scrapped plans to merge their British energy retail operations on Monday after the industry regulator proposed a cap on consumer bills, leaving SSE searching for new options for its struggling business. This now at least clears the way for German utility E.ON (EONGn.DE) to consolidate Innogy's loss-making British Npower division it will receive as part of a bigger breakup deal with Innogy's parent RWE (RWEG.DE). SSE and Innogy had warned last month the deal, which would have created Britain's second biggest retail power provider behind Centrica's (CNA.L) British Gas, would be delayed.
The move comes as SSE reported a 41 percent slump in adjusted pre-tax profit, as losses widened at its energy supply business. The new company, to be known as SSE Renewables, will comprise around 4 gigawatts (GW) of SSE's existing renewable assets such as hydropower, onshore wind and several stakes in offshore wind projects. SSE said it had begun looking at potential opportunities for onshore and offshore wind investments outside the UK and Ireland.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Martin Sorrell closes in on second deal since leaving WPP ...
BENGALURU/FRANKFURT (Reuters) - Energy supplier SSE Plc (SSE.L) and Innogy SE (IGY.DE) are discussing changes to the terms of a planned tie-up of their British retail units, after Britain's regulator proposed a price cap on default energy bills. SSE, whose deal with Innogy would create the UK's second-largest retail power provider, said it was likely that the completion of the deal would be delayed beyond the first quarter of 2019. Innogy said adjustments could include additional direct or indirect financial contributions by each party.
SSE said it would take full ownership of the offshore wind projects being developed by Seagreen and purchase Fluor's 50 percent stake in the venture for 118 million pounds. Seagreen's offshore wind projects are located in Scottish waters in the outer Frith of Firth and Frith of Tay.
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Read is a former chairman of Laird Plc and will begin his role after the merger of SSE's retail power unit and German-listed Innogy's Npower. The appointment comes a month after the two energy utilities received provisional approval for the deal from Britain's Competition and Markets Authority.
Britain's second largest energy supplier said it expected profit to halve in the six months to the end of September compared to the same period a year ago. "Lower than expected output of renewable energy and higher than expected gas prices mean that SSE's financial performance in the first five months has been disappointing and regrettable," Chief Executive Alistair Phillips-Davies said. It said its wholesale business would show an adjusted operating loss for the six months to the end of September, driven largely by problems with the cost of power supplies and generation.
Britain’s “Big Six” energy suppliers are set to become five after the merger of SSE Plc and Innogy SE’s retail units was provisionally approved by the Competition and Markets Authority. The new provider will be Britain’s second-biggest and worth about 2.6 billion pounds ($3.4 billion), according to RBC Europe Ltd. estimates. The CMA’s in-depth review of the merger follows a separate investigation into energy market competition, which found that 70 percent of customers at the six largest energy firms were on so-called standard variable tariffs, the most expensive deals.
European utilities fell after U.K. energy company SSE Plc said the dry, mild weather that cut quarterly profit could hurt full-year results. SSE, the second-worst performer, fell the most since May and U.K. energy supplier Centrica Plc slumped for a fifth day. “We expect SSE to be off on this news this morning,” John Musk, utilities analyst at RBC Europe Ltd said.
Shares of the Perth, UK-based company fell about 2.6 percent in early trading on the London Stock Exchange, and were among the top percentage losers on the UK bluechip index (.FTSE). The so-called "Big Six" legacy energy suppliers in the UK, including SSE, also face a proposed cap on retail prices by Prime Minister Theresa May's government. Warmer weather and higher costs reduced adjusted operating profit by about 80 million pounds in the quarter, the company said, adding that it could impact its full-year results.