|Bid||1,159.50 x 0|
|Ask||1,159.50 x 0|
|Day's Range||1,154.87 - 1,165.50|
|52 Week Range||997.80 - 1,366.50|
|Beta (3Y Monthly)||0.82|
|PE Ratio (TTM)||8.41|
|Forward Dividend & Yield||0.97 (8.41%)|
|1y Target Est||1,324.00|
(Bloomberg) -- SSE Plc kept its earnings outlook, despite lower-than-forecast renewable energy. The Scottish utility reiterated its intention to recommend a dividend in line with its five-year payout plan.Key InsightsThe company is still keeping its options open for its retail arm, with a sale, merger or spinoff all on the table since the deal with Innogy SE’s Npower faltered last year. SSE has appointed Katie Bickerstaffe as executive chair to oversee the future of the energy retail arm outside the group and she took up her role in late June. The firm still faces uncertainty over when it will receive payments from the U.K. capacity market, which has been suspended since November. The “Big Six” utility has lost millions of customers since 2010 as new market entrants have taken market share with cheaper, more flexible tariffs. Market ReactionShares rose as much as 1.1% in London on Thursday. The stock has recovered from a nine-year low and advanced 7.6% this year. Get MoreTotal renewable energy output rose 15% to 1.79 TWh in the three months through June 30, compared with a year earlier. That’s about 20% lower than expected in a typical year. U.K. customer accounts continued to fall in the second quarter, sliding 1.2% to 5.71 million. (Updates with share price gain in fourth bullet.)To contact the reporter on this story: Jeremy Hodges in London at email@example.comTo contact the editors responsible for this story: Reed Landberg at firstname.lastname@example.org, Lars Paulsson, Andrew ReiersonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Meanwhile, pollsters suggest the likelihood of a Jeremy Corbyn-led Labour government has diminished. The odds on Boris staying long in office are lengthening: the probability of a 2019 general election has risen to a high of 44 per cent, says RBC Capital Markets.
(Bloomberg) -- Two of Britain’s six biggest utilities pledged to switch their entire vehicle fleet to run on electricity by 2030, adding momentum to the shift away from traditional engine technology.Centrica Plc operates the third-biggest company owned fleet in the U.K., with 12,500 cars and vans. SSE Plc has 3,500 vehicles and also said it will install charging points for its employees to use, according to a statement released by the two through the The Climate Group, a a non-profit group working with businesses to accelerate climate action.The targets follow a cross-party effort backed by the government setting a goal to reduce net fossil-fuel emissions to zero by 2050. Energy companies led by utilities have been at the forefront of efforts to shift toward renewables, and utilities are anticipating profitable opportunities in developing electric cars and the networks that support them.“Decarbonization is at the heart of what we do, and low carbon emissions from transport is critical if the U.K. is to meet its net zero targets,” said Brian McLaren, SSE’s director of group change.SSE said it has invested $15.4 million on energy efficiency measures in its buildings and depots which have seen energy use at SSE’s data center sites drop by 22% since 2016.Facilities services provider Mitie Group Plc also pledged to transition its 5,300 vehicles to electric including a commitment to switch two thirds of the fleet by the end of next year and install 800 new charging points. The firm said that its vehicles are responsible for 93% of its carbon footprint.“We want to ensure our sizable fleet is as green and sustainable as possible,” said Simon King, Mitie’s fleet and procurement director. “It is challenging, but we all need to take responsibility for actions and commit to change.”(An earlier version of this story corrected the size of Centrica’s fleet.)(Updates with Mitie comment in final paragraph.)To contact the reporter on this story: Jeremy Hodges in London at email@example.comTo contact the editors responsible for this story: Reed Landberg at firstname.lastname@example.org, Andrew Reierson, Lars PaulssonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Britons could see a 6 billion pound cut in energy bills over five years from 2021, saving the average household 40 pounds per year, under plans to curb what gas and electricity network firms can pay shareholders. Regulator Ofgem, which introduced a price cap on standard energy bills in January after lawmakers said customers were being overcharged, is now targeting the operators whose network fees make up around a quarter of British household energy bills. Ofgem said it plans to cut the amount network firms pay their shareholders, known as the "cost of equity range" by almost 50% for the next regulatory period starting in 2021.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Sir Philip Green's retail empire Arcadia ...
British utility stocks are trading at a growing discount to euro zone peers as investors fear the country's deepening political crisis could trigger a general election that ushers in renationalisation of the industry, worth $76 billion (£59.9 billion). The opposition Labour Party has said it wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's Conservatives from power, reversing decades of pro-privatisation policies. Simon Webber, lead portfolio manager on the global and international equities team at Schroders said those fears were "another overhang" for utilities, already subject to a discount like other UK assets because of Brexit uncertainty.
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.
(Reuters) - British energy supplier SSE on Wednesday announced a share buyback of up to 100 million pounds of its ordinary shares under a capital return plan it announced in February. The company, which ...
The FTSE 100 advanced 0.8% and outperformed its European peers. The FTSE 250 was roughly flat. Markets were initially upbeat after U.S. President Donald Trump said talks between Beijing and Washington had not collapsed, terming the Sino-U.S. conflict as "a little squabble".
Britain's opposition Labour Party intends to take energy networks back into state ownership if elected, prompting infrastructure owners to warn of damage to investment, high taxpayer costs and a slower transition to green energy. Labour's shadow business and energy secretary, Rebecca Long-Bailey, late on Tuesday published party plans via twitter to renationalise the country's 60-billion-pound energy networks and establish a National Energy Agency. Britain's energy infrastructure, such as gas pipes and electricity cables, is owned by several firms including SSE, National Grid and Iberdrola's Scottish Power.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Shareholders have publicly rebuked ...
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.
British energy supplier Pure Planet, in which oil giant BP has a 25 percent stake, has cut its average annual dual gas and electricity price by 2.4 percent, it said on Wednesday. The cut is the company's second price drop this year and comes after all of the country's 'big six' suppliers raised their average prices around 10 percent in April in line with an increase in the energy regulator's price cap.
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November. The company, which has a smaller refining business than rivals, fared slightly better than BP, Exxon Mobil, and Chevron which saw sharp declines in profits partly due to lower refining margins. Equinor's domestic and international oil and gas production units both beat forecasts, while its refining, marketing and renewable energy unit was largely in line with analysts' expectations.
The steady decline of British wholesale gas prices shows no sign of reversing this summer, which should provide some relief to households when it is reflected in a lower price cap on energy tariffs this autumn. A cap on default electricity and gas bills - a flagship policy of British Prime Minister Theresa May to end what she called "rip-off" prices - came into force in January to set a maximum price suppliers can charge consumers on certain tariffs. Energy market regulator Ofgem said it would remove around 1 billion pounds of overcharging from consumer bills by forcing suppliers to limit the price of their default tariffs to the level of the cap, or below.
Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Alistair Phillips-Davies became the CEO of SSE plc (LON:SSE) in 2013. This report will, fi...
(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 ...
The number of British customers switching energy supplier in the first quarter of 2019 rose by 12 percent compared with the same period last year, data from industry group Energy UK showed, despite a government price cap which began in January. Energy regulator Ofgem was told by parliament last year to set the price limit after lawmakers said customers on the most commonly used standard tariffs were being overcharged for electricity and gas. Prime Minister Theresa May had called the tariffs a "rip-off".