Energy firm SSE has issued a profit warning after it revealed the suspension of the Capacity Market is expected to result in a £60 million shortfall in this financial year.
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SSE and innogy have pulled the plug on the proposed merger of their respective supply divisions, with SSE concluding that it would not now be “in the best interests of customers, employees or shareholders”.
SSE has spun out its renewables activities into an entirely new unit, SSE Renewables, as it bids to lead on low carbon energy.
SSE and innogy have been forced to renegotiate and possibly delay the proposed merger of their supply divisions, laying the blame squarely at Ofgem’s looming price cap.
The proposed merger of the supply divisions of SSE and Npower has been given the all clear from the Competition and Markets Authority following a five-month investigation.
Utility firm SSE has selected Origami Energy to support the launch of a new virtual power plant which will provide flexibility services to its C&I customers.
Utility SSE has warned that its H1 profit for 2018/19 will fall by around half year-on-year against a backdrop of warm, still weather.
The merger between SSE’S retail energy business and Npower has been provisionally approved by the Competition and Markets Authority (CMA) after it was found that the deal would have little impact on pricing or consumer choice.
SSE and innogy have continued to make top-table appointments to their would-be merged supply entity, identifying a chief financial officer designate.