SSE profits soar by 9.6%
Despite their efforts to blame energy price rises on a variety of external factors, energy suppliers continue to post very hefty yearly profits, the latest to do so being Scottish supplier SSE, who has just announced that its overall profits before tax rose 9.6% to £1,551.1 million last year.
The energy supplier claims that the bulk of the profits was mostly due to cash made back after investing in drilling for gas and major network upgrades and was not directly related to the fact that it pushed up prices by 8.2% this winter.
The company revealed that sales from its wholesale gas business rose by 24.8%, the bulk of which came from an extra £90m profit after buying the Sean gas field, while its retail supply business – including household sales – was affected by the milder weather, with profits down nearly a third (28.6%).
The firm said its profit margins for supply were 2.9%, due both to weather conditions and a “very competitive” market.
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