‘Malaysian Flight was hijacked’, French PM Unidentified objects found floating in Indian Ocean still unknown
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Caption: Write here about the image and its contents Energy giant SSE will unconditionally freeze household electricity and gas prices until 2016, the supplier has announced. Britain’s second-largest energy supplier, which serves about 5 million households, said the radical move would cut its profits and would be partly funded by a £100m cost-cutting programme including 500 job losses. In a major blow for the Government SSE also announced a significant scaling back of its plans to build offshore wind farms, saying it did not have “sufficient confidence in the viability of the wider offshore wind sector”. It will sell stakes in a series of planned wind farm projects as part of a £1bn asset sale programme. SSE’s price freeze announcement comes six months after Labour announced it would freeze energy prices for 20 months if it won the 2015 general election. At the time energy companies fiercely attacked the plan, with Alistair Phillips-Davies, SSE chief executive, declaring that “price freezes… will lead to unsustainable lossmaking retail businesses”.
But on Wednesday he said: “We’re responding to the questions that have been asked of us with a positive agenda for customers, including the longest ever unconditional energy price freeze. To help us achieve that, we’re making sure our own house is in order by streamlining and simplifying our business.” SSE also announced on Wednesday that it would begin implementing another Labour proposal by legally separating its retail and wholesale divisions. It said the reform, to be implemented by March 2015, was “in order to improve transparency and as a further signal of its appetite for reform that is in the clear interests of customers”. SSE’s pledges come the day before regulator Ofgem is expected to refer the energy sector to the Competition and Markets Authority for a full competition inquiry, which is expected to consider whether companies gain undue advantage by “vertical integration” of having both energy supply and power generation arms. On offshore wind, SSE announced it was abandoning or kicking into the long grass plans to build six major wind farms and would continue with just one. The announcement is a setback for ministers who just yesterday hailed Siemens’ plans to
build a turbine factory in Hull as showing its “strategy for offshore wind is working”. Jim Smith, SSE’s managing director for generation development, said that limited subsidies and high costs threatened the viability of offshore wind. “In offshore wind farm development, there are two major, related hurdles that projects currently have to overcome,” he said. “The first is the Levy Control Framework, which has the reasonable objective of controlling costs to customers from government energy policies – but which also means there is limited support for offshore wind. The second is cost – the future of offshore wind farm development depends on a sustainable and lower cost supply chain.” SSE said it would continue to work on one offshore wind farm, the 750MW Beatrice project, but would only commit money to building it subject to a series of conditions including reducing its stake in the project. It will sell its 50pc stake in the 340MW Galloper wind farm because it did not believe it would generate sufficiently attractive returns and will not invest in the 690MW Islay wind farm “in the foreseeable future”. SSE also said it had no “nearterm” plans to invest in construction of the massive Sea-
Green and Forewind projects, which together have outlined plans for four wind farms, and would only get them to the stage of gaining consent to be built. SeaGreen, in which SSE has a 50pc stake, has plans for two 525MW wind farms in the Firth of Forth in an area with a possible 3.5GW total capacity while Forewind has plans for two wind farms of up to 1,200MW each in an area that could host 7,200MW of wind. “SSE does not plan to extend its commitment to the projects until it has achieved sufficient confidence in the viability of the wider offshore wind sector,” the company said. SSE shares rose in early trading on Wednesday, despite a warning that its energy supply profits for the 2012-13 financial year would be 25pc lower than the year before, reflecting in part lower usage in the mild winter. The supplier told investors it was still targeting “an increase in the full-year dividend for 2014/15 of at least RPI inflation” with “annual increases thereafter of at least RPI inflation also being targeted” It said it expected 2014-15 earnings per share to increase “slightly” but would be “subject to greater risks in the following two years”.
Written by Thomas Jones
Chinese family speak out about Malaysian government Energy giant SSE will unconditionally freeze household electricity and gas prices until 2016, the supplier has announced. Britain’s second-largest energy supplier, which serves about 5 million households, said the radical move would cut its profits and would be partly funded by a £100m cost-cutting programme including 500 job losses.
In a major blow for the Government SSE also announced a significant scaling back of its plans to build offshore wind farms, saying it did not have “sufficient confidence in the viability of the wider offshore wind sector”.
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It will sell stakes in a series of planned wind farm projects as part of a £1bn asset sale programme. SSE’s price freeze announcement comes six months after
‘Lessons to be learnt’ Malaysian PM
Energy giant SSE will unconditionally freeze household electricity and gas prices until 2016, the supplier has announced. Britain’s second-largest energy supplier, which serves about 5 million households, said the radical move would cut its profits and would be partly funded by a £100m cost-cutting programme including 500 job losses. In a major blow for the Government SSE also announced a significant scaling back of its plans to build offshore wind farms, saying it did not have “sufficient confidence in the viability of the wider offshore wind sector”. It will sell stakes in a series of planned wind farm projects as part of a £1bn asset sale programme. SSE’s price freeze announcement comes six months after Labour announced it would freeze
Terroism ruled out
Energy giant SSE will unconditionally freeze household electricity and gas prices until 2016, the supplier has announced. Britain’s second-largest energy supplier, which serves about 5 million households, said the radical move would cut its profits and would be partly funded by a £100m cost-cutting programme including 500 job losses. In a major blow for the Government SSE also announced a significant scaling back of its plans to build offshore wind farms, saying it did not have “sufficient confidence in the viability of the wider offshore wind sector”.
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Ann Robinson leaves BBC for ITV with £5M payrise The Weakest Link presenter signs new contract with rival channel Written by .........
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