|Bid||1,037.00 x 401200|
|Ask||1,010.00 x 27500|
|Day's Range||1,010.50 - 1,039.00|
|52 Week Range||997.80 - 1,421.50|
|Beta (3Y Monthly)||0.75|
|PE Ratio (TTM)||45.73|
|Forward Dividend & Yield||0.96 (8.35%)|
|1y Target Est||1,324.00|
Britons could see a 6 billion pound cut in energy bills over five years from 2021, saving the average household 40 pounds per year, under plans to curb what gas and electricity network firms can pay shareholders. Regulator Ofgem, which introduced a price cap on standard energy bills in January after lawmakers said customers were being overcharged, is now targeting the operators whose network fees make up around a quarter of British household energy bills. Ofgem said it plans to cut the amount network firms pay their shareholders, known as the "cost of equity range" by almost 50% for the next regulatory period starting in 2021.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Sir Philip Green's retail empire Arcadia ...
British utility stocks are trading at a growing discount to euro zone peers as investors fear the country's deepening political crisis could trigger a general election that ushers in renationalisation of the industry, worth $76 billion (£59.9 billion). The opposition Labour Party has said it wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's Conservatives from power, reversing decades of pro-privatisation policies. Simon Webber, lead portfolio manager on the global and international equities team at Schroders said those fears were "another overhang" for utilities, already subject to a discount like other UK assets because of Brexit uncertainty.
While a British election is not due until 2022, and opinion polls show the main opposition party falling short of a governing majority, Labour laid out plans this month to offer shareholders less than current market value under a future nationalisation. SSE's chief executive said there was huge uncertainly over Labour's plans and a question mark over whether they would even achieve a majority in parliament to enact the strategy if they were to get into power. Energy regulator Ofgem was told by parliament last year to cap energy prices after lawmakers said customers were being overcharged for electricity and gas.
(Reuters) - British energy supplier SSE on Wednesday announced a share buyback of up to 100 million pounds of its ordinary shares under a capital return plan it announced in February. The company, which ...
SSE has appointed an executive chair and separate board to oversee its household supply arm, which the UK energy company has been trying to offload through a sale or demerger. Katie Bickerstaffe, the former head of Dixons Carphone UK, will take up the role of executive chair in June and will have a mandate to “deliver a future” for the business outside the rest of the group, which also owns energy generation and networks. Ms Bickerstaffe had previously been appointed to head a new company that was to be formed from the spin-off and merger of SSE’s household supply business with Npower, another of the “big six” UK energy suppliers.
The FTSE 100 advanced 0.8% and outperformed its European peers. The FTSE 250 was roughly flat. Markets were initially upbeat after U.S. President Donald Trump said talks between Beijing and Washington had not collapsed, terming the Sino-U.S. conflict as "a little squabble".
Britain's opposition Labour Party intends to take energy networks back into state ownership if elected, prompting infrastructure owners to warn of damage to investment, high taxpayer costs and a slower transition to green energy. Labour's shadow business and energy secretary, Rebecca Long-Bailey, late on Tuesday published party plans via twitter to renationalise the country's 60-billion-pound energy networks and establish a National Energy Agency. Britain's energy infrastructure, such as gas pipes and electricity cables, is owned by several firms including SSE, National Grid and Iberdrola's Scottish Power.
SSE Plc to National Grid Plc led the decliners in London trading, and EON SE, a German utility with a presence in the U.K. also fell. The report in the Daily Telegraph said Labour would pay pension funds in government bonds to take into public ownership the power transmission arms of SSE, National Grid and Scottish Power, a unit of Iberdrola SA. Labour’s intention to renationalize the nation’s power and natural gas network is a central plank of the party’s agenda under Jeremy Corbyn, who took over as leader in 2015.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times - Shareholders have publicly rebuked ...
Britain and Ireland's largest trade union Unite said SSE would cut 444 jobs, or around 5 percent of employees, in its retail business, blaming a lack of interest from customers for the smart meter devices that could help cut energy emissions. Britain has a goal to roll out around 50 million smart meters to almost 30 million homes by the end of 2020. "Like a number of suppliers, we are facing challenges due to competition increasing, the introduction of the energy price cap and higher operating costs," Chief Operating Officer and Co-Head of Retail, at SSE Energy Services Tony Keeling, said.
British energy supplier Pure Planet, in which oil giant BP has a 25 percent stake, has cut its average annual dual gas and electricity price by 2.4 percent, it said on Wednesday. The cut is the company's second price drop this year and comes after all of the country's 'big six' suppliers raised their average prices around 10 percent in April in line with an increase in the energy regulator's price cap.
Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November. The company, which has a smaller refining business than rivals, fared slightly better than BP, Exxon Mobil, and Chevron which saw sharp declines in profits partly due to lower refining margins. Equinor's domestic and international oil and gas production units both beat forecasts, while its refining, marketing and renewable energy unit was largely in line with analysts' expectations.
The steady decline of British wholesale gas prices shows no sign of reversing this summer, which should provide some relief to households when it is reflected in a lower price cap on energy tariffs this autumn. A cap on default electricity and gas bills - a flagship policy of British Prime Minister Theresa May to end what she called "rip-off" prices - came into force in January to set a maximum price suppliers can charge consumers on certain tariffs. Energy market regulator Ofgem said it would remove around 1 billion pounds of overcharging from consumer bills by forcing suppliers to limit the price of their default tariffs to the level of the cap, or below.
Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Alistair Phillips-Davies became the CEO of SSE plc (LON:SSE) in 2013. This report will, fi...
(Reuters) - British energy company SSE Plc has approached companies including broadband provider TalkTalk Telecom Group about a deal to sell its household supply unit, Sky News reported http://bit.ly/2Lm9c2T ...
The number of British customers switching energy supplier in the first quarter of 2019 rose by 12 percent compared with the same period last year, data from industry group Energy UK showed, despite a government price cap which began in January. Energy regulator Ofgem was told by parliament last year to set the price limit after lawmakers said customers on the most commonly used standard tariffs were being overcharged for electricity and gas. Prime Minister Theresa May had called the tariffs a "rip-off".
European oil companies have started to address what they worry may one day be an existential threat to their business -- the end of a century of oil demand growth in a low carbon world. The emergence of the electric vehicle and demand among investors and consumers for cleaner energy to limit climate change has pushed the European side of Big Oil to take baby steps towards refocusing their businesses from oil production and refining to electricity via natural gas and renewables. Relatively small investments in electricity aim to help them ride the energy transition by offering households and businesses cleaner power than coal can provide and giving their petrol stations a green edge with EV charging.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of SSE plc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
British energy company SSE said on Tuesday it will close one of four units at its Fiddler's Ferry coal plant in northwest England due to challenging market conditions. The plant, in Warrington, Cheshire, has a total capacity of nearly 2 gigawatts (GW).
British energy regulator Ofgem has appointed SSE to take on the customers of Brilliant Energy which ceased trading earlier this month. Brilliant Energy is the third small British energy suppler to cease trading this year, while several also collapsed in 2018. In response, Ofgem has proposed new rules under which suppliers would have to demonstrate they have adequate financial resources and can meet customer service obligations before they are awarded an energy supply licence.