Sunday, July 3 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Jun 27
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    SSE reports profit jump and highlights investment as talk of windfall tax intensifies


    May 25, 2022 - By August Graham, PA City Reporter

     

      Energy company SSE has reported a bump in profits helped by the electricity it produces at gas power plants as reports emerged that the Government is considering including energy generators in a potential windfall tax.

      The company said that adjusted operating profit rose 15% to £1.5 billion in the year to March, while pre-tax profits hit £3.5 billion, up 44%.

      A good part of this rise came from the SSE Thermal unit of the business which runs several gas power plants that supply electricity to the grid.

      This unit saw a 91% rise in adjusted operating profit, hitting £306 million.

      “This was a year in which our resilient business mix and balanced portfolio of assets helped us navigate volatile markets and meet our financial objectives whilst making record investments in the critical UK infrastructure needed to tackle climate change and deliver more secure, independent energy supplies,” said chief executive Alistair Phillips-Davies.

      A windfall tax on oil and gas companies might be announced as early as this week as the Government tries to raise money to help households through the energy crisis.

      In the context of a global energy crisis and intense pressure on the cost of living, we are helping to drive the build-out of vital electricity infrastructure that will reduce dependency on imported gas and help protect consumers from future price spikes Alistair Phillips-Davies

      Average bills are expected to jump again in October, with early predictions that Ofgem’s energy price cap might rise by more than £800.

      The Government is reportedly also considering whether power generators such as SSE could see their tax hiked.

      But Mr Phillips-Davies said that his company plans to invest “significantly more than we are making in profits” in trying to decarbonise the UK’s systems.

      “In the context of a global energy crisis and intense pressure on the cost of living, we are helping to drive the build-out of vital electricity infrastructure that will reduce dependency on imported gas and help protect consumers from future price spikes,” he said.

      Last year the business invested a record £2.1 billion as part of a £12.5 billion investment plan by 2026.

      It is currently building around 2.4 gigawatts of renewable energy capacity.

      “Strategically, operationally and financially, SSE is well-placed to continue to create value for all of our stakeholders and wider society as we create the infrastructure needed to deliver net zero, secure energy supplies and ultimately drive consumer prices down,” Mr Phillips-Davies said.

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.