Scottish & Southern posts fall in profits

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The Independent Online

Scottish & Southern Energy, the first energy supplier to increase gas prices this year, has announced a 6 per cent fall in profits for the six months to 30 September amid "challenging" trading conditions.

The UK's second biggest energy company, which supplies electricity and gas as Southern Electric, Swalec, Scottish Hydro Electric and Atlantic, said adjusted profits fell to £386m as a result of a 25 per cent rise in wholesale gas prices and a weather-related fall in output from its hydro-electric schemes and wind farms.

It said its gas supply business, Southern Electric Gas, again incurred a loss. The company said last month that it would increase gas prices by 9.4 per cent on 1 December, pushing up the average household gas bill to £782 a year.