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Energy price row reignited after SSE post record annual profit

23rd May 2014 All News and Offers

gas-hob-flameThe row over high energy prices was reignited on Wednesday after Britain’s second largest supplier reported annual profits of more than £1.5bn.

SSE said the 9.6% year-on-year increase had largely come from its wholesale not its retail business but critics described the figures as a “kick in the teeth” for consumers.

And there was embarrassment for energy regulator with figures showing that SSE’s electricity transmission business which is overseen by Ofgem recorded an almost 50% rise in profits to £137m.

The company, formerly Scottish & Southern Energy, raised prices last November by more than 8% allowing it to record profits of £300m in its retail business, down 28%, as it lost more than 350,000 of its 9.4 million customers.

Fuel Poverty Action, said reporting huge profits at a time when millions were struggling to pay their bills showed expressions of regret about past price rises were nothing but hot air.

“It’s time to acknowledge that the big six will always put their lust for profit first and that until we have a not-for-profit, renewable energy system owned by the public and by communities the likes of SSE will continue to make a killing.”

Source: The Guardian