Energy giant and Perth-based SSE, has revealed it expects profits to soar to £1.5 billion this year and that it will increase payouts to shareholders.
Just two months after a major price rise came into effect for its nine million customers, the Perth-based firm said it was on course to deliver a pre-tax profit increase of 8.8 per cent for the year to the end of March and would be likely to increase dividends handed out to its shareholders by 3 per cent. A price increase of £104.48 for SSE’s dual-fuel customers came into effect in November. The typical annual bill for SSE customers will be £1,304 by March, £13 higher than the UK average, according to comparison website uSwitch.com. Across the board, industry experts have calculated that the typical household utility bill has gone up by 168 per cent in the past decade.
MP John Robertson, who sits on Westminster’s energy select committee, said: “This is a disgrace. How can SSE possibly have another boost to their profits after losing so many customers? These energy barons are ripping off their customers and lining their pockets with the hard-earned cash of people struggling to pay their bills.”
Claire Osborne, an energy expert at uSwitch.com, said SSE’s announcement was “like waving a red rag at a bull”. She said: “This will come as a shock to customers who have been told they must wait until the end of March for their prices to be cut in line with the government’s levy reductions.”
Citizens Advice Scotland spokeswoman Sarah Beattie-Smith said: “At a time when so many households are still struggling with high bills and public confidence in the energy companies is so low, it’s very disappointing that SSE have chosen to put their shareholders ahead of hard-pressed consumers.”
Socialist Courier wishes to inform Ms Beattie-Smith but making profits is what capitalism is all about.
SSE chief executive Alistair Phillips-Davies said It is encouraging that SSE is on course to deliver real growth in the dividend and increases in adjusted earnings per share and adjusted profit before tax.”
Npower chief executive Paul Massara claimed prices were high because the country’s “old and draughty houses” waste so much gas and electricity. His house won’t be, we wager!
Just two months after a major price rise came into effect for its nine million customers, the Perth-based firm said it was on course to deliver a pre-tax profit increase of 8.8 per cent for the year to the end of March and would be likely to increase dividends handed out to its shareholders by 3 per cent. A price increase of £104.48 for SSE’s dual-fuel customers came into effect in November. The typical annual bill for SSE customers will be £1,304 by March, £13 higher than the UK average, according to comparison website uSwitch.com. Across the board, industry experts have calculated that the typical household utility bill has gone up by 168 per cent in the past decade.
MP John Robertson, who sits on Westminster’s energy select committee, said: “This is a disgrace. How can SSE possibly have another boost to their profits after losing so many customers? These energy barons are ripping off their customers and lining their pockets with the hard-earned cash of people struggling to pay their bills.”
Claire Osborne, an energy expert at uSwitch.com, said SSE’s announcement was “like waving a red rag at a bull”. She said: “This will come as a shock to customers who have been told they must wait until the end of March for their prices to be cut in line with the government’s levy reductions.”
Citizens Advice Scotland spokeswoman Sarah Beattie-Smith said: “At a time when so many households are still struggling with high bills and public confidence in the energy companies is so low, it’s very disappointing that SSE have chosen to put their shareholders ahead of hard-pressed consumers.”
Socialist Courier wishes to inform Ms Beattie-Smith but making profits is what capitalism is all about.
SSE chief executive Alistair Phillips-Davies said It is encouraging that SSE is on course to deliver real growth in the dividend and increases in adjusted earnings per share and adjusted profit before tax.”
Npower chief executive Paul Massara claimed prices were high because the country’s “old and draughty houses” waste so much gas and electricity. His house won’t be, we wager!
