SSE

Ticker SSE

Today's data summary

Market closed
% change
-0.36%
Price Pence
1122.00
Change
-4.00
As of 21:12 16 Jun 2019
Market cap. Pound sterling
11,583.44 million
As of 21:12 16 Jun 2019

Latest updates

Power station closure 'a real blow'

Coal-fired power plant
Reuters

Prospect Union, which represents workers at Fiddler's Ferry power station, has said today's decision to close the plant is "a real blow" for staff.

The power station, near Warrington in Cheshire, is the last coal-fired plant owned by energy firm SSE.

“Prospect understands the necessity of transitioning away from high carbon generation, however we believe that it is essential that workers are supported during this transition, and we will be working on behalf of those affected through this difficult period," the union's representative, Sue Ferns, said.

SSE to close last coal-fired plant

logo
PA

SSE is proposing to close the remaining operational units at its Fiddler’s Ferry coal-fired power station in Warrington, Cheshire.

It is SSE’s last remaining coal-fired power station and the company has now begun consultation with employees and trade unions with a view to closing the station by 31 March 2020.

There are 158 workers there and SSE said it would seek to avoid compulsory redundancies.

SSE says energy network nationalisation would be 'destabilising'

Pylon
Getty Images

Labour's plan to renationalise UK energy networks has not gone down well with big energy firm SSE.

A spokeswoman said: "Aside from extensive disruption, paying for state ownership and control of energy networks would require full compensation for owners at great expense to taxpayers, or risk destabilising UK listed utilities, which most pensions are invested in.

"Neither are in the public interest."

Union blames smart meters for job cuts

SSE
PA

Union Unite says SSE is cutting 444 jobs in its retail arm because of the low take-up by consumers of smart meters.

"Demand for smart meters to be fitted in households has not reached the levels expected by the company hence the job losses announced by the SSE retail sector," said Peter McIntosh, Unite national offier for energy and utilities.

Tony Keeling, chief operating officer at SSE Energy Services said that the company had today announced enhanced voluntary redundancy terms.

“Like a number of suppliers, we are facing challenges due to competition increasing, the introduction of the energy price cap and higher operating costs".

"We are committed to engaging and consulting openly and transparently with colleagues, our trade union partners and appropriate employee representatives and have today announced voluntary enhanced redundancy opportunities for some of our customer service and metering teams." ​

SSE pays £700,000 after missing smart meter target

Boiling pan of water
Getty Images

SSE Energy Services, the domestic retail arm of SSE, is to pay £700,000 after it missed targets to install gas smart meters for customers in 2018.

Under a government programme, suppliers are required by law to take all reasonable steps to roll-out smart meters to all homes and small businesses by the end of 2020.

To work towards this, suppliers set individual annual targets for smart meters installations and Ofgem monitors performance against these targets.

SSE met its electricity smart meters installation target for 2018, but missed its gas target. It reached its gas target for 2018 in February this year, less than two months after the deadline.

SSE has agreed to pay £700,000 to Ofgem’s consumer redress fund administered by the Energy Savings Trust, which supports consumers in vulnerable situations and the development of innovative products or services not currently available to energy consumers.

SSE seeks options

SSE
PA

SSE, the utility company, is still looking at its retail supply business after its deal with Npower was called off in December.

It has previously said it is looking at ways of spinning off of the business but says it will keep it as a separate entity if none of the possible options are viable.

SSE said intends to provide an assessment of the preferred option by the end of May 2019.

In a trading update, before it publishes its results, it said it still expects its dividend to be 80 pence per share for 2019/20.

Its shares were little changed at 1,221p in early trading.