Energy supply and generation £m
2013
Profit Total Interest Dividends° Borrowings Equity after tax assets
Owners^
EDF*
Electricite de France Sa: Government of France
8311
793
105
814
37
807
30661
1556
16321
SSE**
SSE Plc: Capital Group, Blackrock, Invesco
30102
736
147
456
243
790
18970
6295
5531
Scottish Power
Iberdrola SA: Qatar Investment Authority, Government of Qatar, Nexgen
8231
717
142
622
127
917
12029
3131
5081
British Gas***
Centrica Plc: Aberdeen Asset Management, Blackrock, Invesco
13957
883
98
1400
8985
RWE: municipal and npower**** private shareholders, Blackrock
8641
181
2475
1945
E.On SE: Public, Capital Research and Management, Blackrock
8055
316
7730
363
39
85027
3989
433
E.On*****
+10% for rest of electricity and gas market ('Big 6' controls 90% of market) Total
Revenue
Operating Tax profit paid°
Company
0
71
88
87
160
5573
196
68
407
7622
1346
2888
2159
748
4481
83841
14802
31766
^ Top three shareholders included for companies listed on public stock exchanges ° Tax and dividend figures taken from the cash flow statement to show actual paid in the year.
CALCULATIONS Total paid out in interest and dividends (£m) Total debt and equity of EDF, SSE, Scottish Power and npower, and total assets of British Gas and E.on (see notes below) (£m) Approximate cost of UK government 30 year gilts based on prices over the last year (http://www.bloomberg.com/markets/ratesbonds/government-bonds/uk/) (%)
5229 61126
3
Total that would be paid out in interest on government gilts on equivalent debt and equity (£m)
1834
Total savings if publicly financed - with tax paid by the companies added to the gilt interest (£m)
2962
Per household (£)
112.19
NOTES The size of the 'Big Six' companies, the diversity of their operations and the lack of disclosure in some of their accounts makes getting accurate figures difficult. British Gas, E.On and npower, for example, do not present separate results for their UK energy operations. All the above figures have been put to the companies and amended where necessary according to their replies. E.On and EDF did not respond and British Gas only directed us to their already published figures. If anything, the figures used for E.On and British Gas, explained below, overestimate the companies' debt and equity, and as a result may well underestimate the savings from public financing of their operations. * EDF Energy Holdings Ltd, the parent company of the UK group, has some investments in Canadian subsidiaries but these do not significantly affect their results. ** SSE owns half of Scotia Gas. Therefore to avoid double counting, half of the relevant amounts for Scotia Gas have been subtracted from SSE's results (see the original SSE results below). SSE plc** 30585 849 129 446 365 820 21014 6295 5120 28304
794
105
466
362
771
20596
5549
*** British Gas does not consolidate its UK operations into a single company. The revenue and operating profit figures used are taken from the segmental breakdown in the Centrica accounts, as described on page 9 of the consolidated segmental statement for Ofgem (http://www.centrica.com/files/results/prelim13/ofgem_segmental_disclosure_31122013.pdf and http://www.centrica.com/managed_content/newsandviews/2013/pdf/2012_Ofgem_segmental_disclosure.pdf page 7). Centrica Holdings Ltd is the most senior parent company of the British Gas and Centrica UK operations before they are consolidated with the financial statements of Centrica Plc (which include the group's significant US operations) and the dividend figures are taken from Centrica Holdings Ltd accounts (Centrica Holdings Ltd does own three Canadian companies but given their relative size it appears safe to conclude that the vast majority of the money it has paid out in dividends have come from the operations of its UK subsidiaries). Centrica Holdings is paying interest to group undertakings but it is not clear whether these are subsidiaries or a parent company, and as such interest payments have been left blank, as have tax payments and profits before and after tax (as they are not included in the consolidated segmental statements). The asset figures are taken from page 103 of the Centrica Plc accounts. Note that, because these include intangible assets, the debt required to finance the company's operations would be significantly lower than this figure. As a result, savings from public financing of British Gas' business would likely be greater than the results shown above. ****Npower does not consolidate its UK accounts into a single company. The revenue and operating profit figures are taken from the RWE annual report as described in the consolidated statements produced for ofgem (http://www.npower.com/idc/groups/wcms_content/@wcms/@resi/documents/residential/con_seg_statement_2013_pdf.pdf page15 and http://www.npower.com/idc/groups/wcms_content/@wcms/@resi/documents/residential/con_seg_statement_2012_pdf.pdf – page 10). Figures from the annual report are taken rather than the CSS as the dividends and interest quoted are from npower's total UK operations (so items that Ofgem do not count are included). The profit, tax and interest figures are taken from the tax commentary briefings published by the company (https://www.npower.com/idc/groups/wcms_content/@wcms/@resi/documents/residential/rwe-taxbooklet-2013.pdf and https://www.npower.com/idc/groups/wcms_content/@wcms/@resi/documents/residential/rwe-taxbooklet-2012.pdf). The asset figures are taken from information disclosed in connection with Npower's appearance before the Public Accounts Committee, and from responses from the company to Corporate Watch. The dividend figures are taken from the tax commentaries and from the UK subsidiary – RWE Npower Holdings Ltd - that owns all the other UK subsidiaries (and is itself owned from Germany). See also footnote 4 here: http://www.publications.parliament.uk/pa/cm201314/cmselect/cmenergy/108/130416.html ***** As E.On does not disclose consolidated figures for its UK operations and did not respond to Corporate Watch's enquiries we have had to make assumptions as best we can, based on the data that is available. Revenue and operating profits are taken from the breakdown on page 190 of the group's annual report, converted at exchange rates from 31 December 2013, the date of the accounts. Dividends and interest payments are taken from the accounts of E.On UK Plc, which is the top company in the group structure before the ownership diverges through other holding companies. As debt and equity figures are not released, the closest approximation was the non-current asset figure from the latest E.On group's annual report's regional breakdown (page 192), again converted using exchange rates from 31 December 2013.
2012 Profit Total Interest Dividends째 Borrowings Equity after tax assets
Owners^
EDF***
Electricite de France Sa: Government of France
7960
697
-29
563
25
677
28801
1150
15992
SSE plc**
SSE Plc: Capital Group, Blackrock, Invesco
27840
688
115
476
234
706
18533
6085
5923
Iberdrola SA: Qatar Investment Scottish Power Authority, Government of Qatar, Nexgen
7806
835
108
611
128
890
12031
2556
5235
13307
838
-1
1564
59
1100
9788
7376
390
0
277
130
125
2475
1945
7853
236
7214
368
19
349
79355
4053
213
3841
Centrica Plc: Aberdeen Asset British Gas* Management, Blackrock, Invesco RWE: municipal and npower**** private shareholders, Blackrock
Eon*****
E.On SE: Public, Capital Research and Management, Blackrock
+10% for rest of electricity and gas market ('Big 6' controls 90% of market) Total
Revenue
Operating Tax profit paid째
Company
160
5364
58
366
7452
1227
2909
634
4023
81968
13493
32003