Belfast Telegraph

SSE dropping GB energy supply arm

Business Secretary Greg Clark
P35 Clark steel POLITICS C 7.jpg

By Holly Williams

SSE has pledged to offload its under-pressure supply business by mid-2020 after shedding more than 500,000 customer accounts.

The Big Six supplier vowed to sell or float the energy services arm by the second half of 2020.

It has appointed a separate board for the division, which will be headed by executive chairwoman Katie Bickerstaffe.

It is understood the move will not affect the company's operation in Northern Ireland.

It comes after SSE and rival npower called off their merger late last year, blaming tough market conditions and the Government's price cap.

SSE's energy services business - now reported separately to the wider business - saw underlying earnings crash 68% to £89.6million in the year to March after losing approximately 570,000 domestic gas and electricity customer accounts.

The group was also hit by Ofgem's move to cap the price of poor-value standard variable tariffs.

Sign In

Belfast Telegraph

Popular