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SSE PLC (SSE.L)

SSE.L on London Stock Exchange

1,539.00GBp
27 Sep 2016
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11.00p (+0.72%)
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Latest Key Developments (Source: Significant Developments)

Ofgem says costs National Grid incurred in Drax contract did not meet test for an income adjusting event
Tuesday, 23 Aug 2016 02:30am EDT 

Ofgem: Decision on National Grid's request to recoup spending on power station contracts . Ofgem sets National Grid cost targets for its role in balancing network and managing provision of black start services . Ofgem has decided that costs National Grid incurred under Drax contract did not meet test for an income adjusting event . These costs are paid for by generators and suppliers via balancing charges. . Ofgem has allowed claim for fiddler's ferry contract in full (54 mln stg) as it met criteria for an income adjusting event and costs were deemed outside National Grid's control . As a result of ofgem's decision, National Grid will bear up to 17.7 mln stg in costs itself, which is 30 per cent of costs of drax contract . National Grid will recover at least £95.3m via balancing charges on suppliers and generators (Bengaluru Newsroom: +91 80 6749 1136).  Full Article

Some of world's top 500 companies cutting emissions-report
Monday, 27 Jun 2016 01:09pm EDT 

Some of the world's 500 largest companies are beginning to cut heat-trapping emissions while raising revenues, but as a whole are well below the UN science panel guidance on avoiding the worst effects of climate change, a report released Monday said. : Global 500 as a whole is still about 6.5 percent below where it needs to be to meet the UN's Intergovernmental Panel on Climate Change guidance on emissions. . Twenty-six companies in the Global 500 with greenhouse gas footprints of more than 10 million tons reported emissions falling by more than 8 percent from 2010 to 2015. Companies the report said reduced emissions include Valero Energy Corp Dominion Resources and SSE Plc . . The Global 500 are "still in the hole and every day the hole is getting bigger, but there's some indication that they're starting to decouple their growth from emissions," Timothy Nixon, director of sustainability at Thomson Reuters and a co-author of the report, said about the companies. -Source: http://tmsnrt.rs/28YHeD0 (Reporting by Timothy Gardner) ((timothy.gardner@thomsonreuters.com; +1 202 898-8360)(Twitter @timogard)(; Reuters Messaging: timothy.gardner.thomsonreuters.com@reuters.net)) Keywords: CARBON REPORT/BRIEF.  Full Article

SSE CEO calls CMA's energy market reforms "tough set of measures"
Friday, 24 Jun 2016 02:46am EDT 

Sse Plc : Notes today's publication by competition and markets authority (cma) of final report in gb energy market investigation and will continue to assess detail as it emerges . CEO says "It is a tough set of measures but we recognise where it will help drive energy market forward to better deliver for customers" . "We hope to see other companies doing same so industry can move on and put its energy into delivering for customers." ."We will continue to engage constructively as we undertake substantial implementation work in months ahead".  Full Article

UK energy regulator consults on SSE's revised pricing and connection plans
Wednesday, 22 Jun 2016 02:00am EDT 

Sse Plc : Ofgem consults on commitments from sse . Ofgem's investigation identified competition concerns relating to sse's behaviour in providing services needed to enable it and its competitors' to connect up new development sites. . Sse has agreed to put in place new processes and procedures to ensure consistency in its pricing and when identifying points of connection to its electricity distribution networks. .Ofgem considers that these commitments will meet competition concerns that have been raised..  Full Article

UK energy regulator consults on National Grid's cost recovery request
Wednesday, 8 Jun 2016 02:00am EDT 

Ofgem: Ofgem consults on request from National Grid to recoup spending on power station contracts . Is consulting on National Grid's request to recover costs of two contracts for grid services that it agreed with SSE and Drax following a tender process . Services refer to ability of certain generators to start up and provide electricity to transmission system without an external power supply . This is an insurance policy for unlikely event that National Grid needs to re-energise transmission system . National Grid has applied to ofgem to recover all of these costs from generators and suppliers through 'income adjusting events' process .When making a decision on this ofgem has powers to disallow some or all of expenditure on these contracts if it judges that case for recovering money has not been met.  Full Article

SSE sees total investment, capex of about 1.75 bln stg in 2016/17
Wednesday, 18 May 2016 02:01am EDT 

Sse Plc : Preliminary results for the year to 31 march 2016 . SSE has met its main financial objective of an annual increase in full-year dividend that is at least equal to RPI inflation . Dividend cover of 1.34 times, which is within expected range of 1.2 times-1.4 times . Adjusted earnings per share down 3.7 pct to 119.5p but ahead of target of at least 115p . FY adjusted profit before tax fell by 3.3 pct to £1,513.5mand reported profit before tax fell by 19.3 pct to £593.3m . Capital and investment expenditure totalled £1.6bn and adjusted net debt and hybrid capital was £8.4bn at 31 March 2016 . Total investment and capital expenditure is expected to be around £1.75bn in 2016/17 and in range of £5.5-£6bn across four years to march 2020 . Continues to focus on operational efficiency and has also secured over £1bn from its asset disposal programme . Considers disposal of up to one third of its 50% equity stake in sgn limited . Operating environment presented a number of complex issues, including impact of prevailing commodity prices and intense retail market competition - ceo . Final dividend 62.5 penceper share .Total dividend 89.4 penceper share.  Full Article

SSE Plc announces sale of stake in Clyde wind farm to Greencoat UK Wind Plc and GMPF & LPFA Infrastructure LLP
Monday, 14 Mar 2016 03:00am EDT 

SSE Plc:Signed agreements for sale of 49.9% of its operational 349.6MW Clyde wind farm located in South Lanarkshire to Greencoat UK Wind Plc (UKW) and GMPF & LPFA Infrastructure LLP (GLIL) for a headline consideration of 355 million pounds.  Full Article

SSE Plc - UK's Competition Markets Authority proposes energy price cap for some customers - Reuters News
Wednesday, 9 Mar 2016 09:05pm EST 

SSE Plc:Britain's competition watchdog wants to impose an energy price cap for 4 mln households on pre-payment meters, a document seen by Reuters showed, a watering down of previous proposals - RTRS.The Competition Markets Authority (CMA) proposals on Thursday are the provisional outcome of an investigation into whether the country's largest energy suppliers, also known as the "Big Six", have distorted competition in the energy market.The inquiry, which was launched in June 2014, is intended to clear up once and for all whether SSE, Iberdrola's Scottish Power, Centrica, RWE npower, E.ON and EDF Energy were abusing their control of the market.The price control for pre-payment meter customers would reduce their bills by a total of 300 million pounds a year and will remain in place until 2020, the CMA said.Last year, the CMA had proposed a price cap for all customers on the most expensive tariffs.On Thursday, the CMA said that in total, customers may have been paying around 1.7 billion pounds a year more than they would have done in a competitive market.The watchdog also proposed that a database is created, to be controlled by the energy regulator, to allow rival suppliers to contact customers who have been on more expensive tariffs for three years or more with better deals.  Full Article

SSE Plc says likely to close 3 of 4 units at Fiddler's Ferry
Wednesday, 3 Feb 2016 07:09am EST 

SSE Plc:Fiddler's Ferry coal-fired power station.Has reviewed its options for future operation of its power generating plant that followed result of capacity market auction in Dec. 2015​.Determined that it should consult with employees and other stakeholders at Fiddler's Ferry on proposal to bring commercial operations to an end​‍.Although a final decision has not yet been taken, SSE's expectation is that (subject to consultation) it is likely to close three of four units from April 1 2016 and it is informing market accordingly​.SSE will set out its response to consultations that are now taking place around end of march 2016​.SSE currently employs 213 people at Fiddler's Ferry​.Would be liable make a payment of around 33 mln stg if it decides to cease commercial operations, terminate this TEC before end of agreement​.SSE will actively seek to avoid, but cannot rule out, some compulsory redundancies if an ongoing role for three units at station cannot be identified​.In event that redundancies should be unavoidable, enhanced terms will be discussed during consultation process​.  Full Article

SSE Plc to appeal Scottish Stronelairg wind farm ruling - Reuters
Monday, 21 Dec 2015 02:10am EST 

SSE Plc:SSE SSE.L will appeal a court decision that refused it consent to build a 240-megawatt wind farm near Loch Ness in Scotland, it said on Monday - RTRS.Scotland’s Energy Minister Fergus Ewing last year granted approval for the Stronelairg wind farm, which would be made up of 67 turbine - RTRS.Following complaints from an environmental charity, a judge at Scotland’s highest civil court, the Court of Session, this month ruled the government’s approval "defective" because it breached environmental obligations - RTRS.“The project is in an ideal location and is situated in a natural bowl on a plateau set well back (around 10 kilometres) from Loch Ness. No turbines will be visible throughout the main tourist routes of the Great Glen or Loch Ness,” SSE said - RTRS.Landscape charity the John Muir Trust sought the review of the wind farms approval which it said would disturb the region’s wet peatland and could impact tourism. - RTRS.Loch Ness, in the Scottish Highlands, is famous due to the legend of the Loch Ness monster where claimed sightings date back to 1933, Scotland's tourist board website said. - RTRS.  Full Article

CORRECTED-UPDATE 1-UK's Ofgem weighing up National Grid's cost recovery plea

June 8 Britain's energy market regulator Ofgem said that it was consulting on National Grid Plc's request to recover the rising costs of two contracts for grid services that it agreed with SSE Plc and Drax Group Plc .