Electricity firms to reduce tariffs
Thursday 17 December 1992
Northern Electric, reporting a 52 per cent rise in pre-tax profits to pounds 39.5m and a 13.5 per cent interim dividend increase to 6.3p, said it would be cutting tariffs by an average of 2.7 per cent from 1 January, including a 3 per cent cut in charges to domestic customers.
The tariff cut reverses a 3 per cent rise in Northern's charges to domestic customers introduced in April. David Morris, chairman, said the new tariff was intended to be 'sustainable'.
Seeboard, which serves the south-east of the country, unveiled a 50 per cent rise in pre-tax profits to pounds 9.2m and a 14 per cent dividend increase to 5.7p along with plans to bring in unspecified cuts in bills next year.
Sir Keith Stuart, chairman, said that any reductions, which would come on top of a pounds 10-a-household rebate this year, would depend on the current talks over new contracts with National Power and PowerGen.
Most of the profits improvement at the Tyneside-based electricity company came from its wholesale supply activities. The usual seasonal summer loss was reduced sharply to pounds 3.3m from pounds 15.9m in the comparable half- year, when Northern was hit by system uplift charges levied by the power generators.
Unit sales were flat as the recession finally caught up with Northern's previously robust customer base. Sales to domestic and commercial customers rose by 1.5 per cent and 2.2 per cent respectively, but this was offset by a 2.6 per cent decline in its industrial market.
Despite flat volume and a lower charge to its sister supply business for use of the distribution network, Northern's distribution activities managed a modest rise in profits to pounds 43.6m, helped by previous cuts in operating costs. A further 200 jobs went in the first half.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 2 Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
- 4 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Gingers face extinction due to climate change, scientists warn
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Do you know this man? Amnesia sufferer found in park pleads for help in identifying who he is
Sustained immigration has not harmed Britons' employment, say government advisers
British jihadist calls for 'flag of Islam' over Downing Street and Buckingham Palace
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£60000 per annum: Harrington Starr: A leading provider in investment managemen...
£600 - £700 per day: Harrington Starr: AVS, JVS Openlink Endur Developer JVS, ...
£30000 per annum: Harrington Starr: A global leader in trading platforms and e...