SSE Defends 38% Profits Rise As Bills Go Up

Written By Unknown on Rabu, 14 November 2012 | 14.43

The energy firm SSE has defended a 38% rise in half year profits at a time when its gas and electricity bills are rising by 9% on average.

The company, formerly known as Scottish & Southern Energy, made an adjusted profit before tax of £397.5m in the six months to September 30.

Lord Smith of Kelvin, the firm's chairman, said: "While some observers may choose to criticise SSE for making a profit and paying a dividend (of 25.2p per share - a rise of 5%) I believe that profit and dividend allow SSE to employ people, pay tax, provide services that customers need, make investments that keep the lights on and create jobs while providing an income return that shareholders like pension funds need."

In August, SSE blamed "sustained increases" in the cost of using the electricity and gas networks, costs associated with mandatory Government schemes and the price it had paid for energy in the wholesale markets for a 9% increase in its household energy bills.

The move came into effect last month.

Wholesale gas charges had risen 14% year-on-year, the group said and its bill increase would add another £8.53 a month on to the typical monthly direct debit, dual fuel customer - taking the average annual bill to £1,274.

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