SSE profits soar after price hikes and long winter – but tariffs to rise again
SSE, the Big Six energy provider, warned that customers should brace themselves for further price hikes as it reported a near 30 per cent rise in profits from its retail customers last year.
The company, formerly known as Scottish & Southern Energy, reported a £410m operating profit at its retail arm, helping the group to more than double its pre-tax profit for the period to £600.9m.
SSE, which benefited from a 9 per cent rise in its gas and electricity prices in October and the prolonged winter, cautioned that it was likely to pass on increasing wholesale costs to its customers in the form of higher bills.
SSE cited "additional costs of over £80 per dual fuel customer in 2013/14" for the looming price increase, but refused to say how much would be passed on to customers.
"Unless there is a sustained reduction in prices in wholesale and electricity markets, it is highly likely that these additional costs will eventually have to be reflected in higher prices for household customers," an SSE spokesman said.
Ann Robinson, of the uSwitch price comparison website, said SSE's profits were a "smoking gun, making it difficult for any supplier to justify last winter's price hikes and the pressure they have placed on consumers".
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure'
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...