SSE profits up by 38% - Gas and electricity - News - Moneyfacts


SSE profits up by 38%

SSE profits up by 38%

Category: Gas and electricity

Updated: 15/11/2012
First Published: 14/11/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The energy firm SSE has announced half-yearly profits of 38% for the past six months, angering customers and consumer groups.

SSE announced that it would be hiking its energy prices in August, resulting in the loss of around 115,000 customers.

The move set a trend for other providers to announce that they would be increasing their energy prices.

Mark Todd, director of independent energy price comparison service, said: "Today's news of SSE's strong half year profits of 38.3% have left consumers scratching their heads over whether recent price rises were really justified.

"In the energy industry's recent flurry of price increases, SSE was the first to increase their prices back in August. Imposing a rise of up to nine per cent a year on their customers, SSE started a price increase frenzy, with only E.ON left to announce their increases.

"This profit announcement is likely to anger customers further, at a time when they are already facing a bitter winter of increased household bills and limited spending money in the run up to Christmas."

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