SSE raises dividend after energy bills rise
Scottish & Southern Energy, one of the big suppliers that raised prices over the summer, said yesterday it was on track to pay an inflation-busting dividend to its shareholders.
The company, which changes its name to SSE today, predicted it would increase its shareholder payout by at least 2 per cent more than RPI inflation this financial year. It forecast £1.7bn of capital and investment spending for the current year to support future dividend growth. The utility, which last week pulled out of its UK nuclear new-build consortium, said most of the money would be spent on wind farm projects, replacement transmission lines and upgrades.
Scottish & Southern upped its typical gas price by 18 per cent and electricity charge by 11 per cent from 14 September in a round of increases by the big six providers. Ed Miliband, the Labour leader, this week accused the big six of operating in a "rigged market". But Ian Marchant, chief executive of Scottish & Southern, said: "Our commitment to above-inflation dividend growth is as strong as ever."
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies