What’s Brewing Behind the Scenes at SSE?
SSE turned in a solid £354 million pre‑tax profit for the first half of 2013 – a tidy haul, though a touch shy of the previous six‑month figure (a 12% dip). At first glance, it looked like the company was humming along, but a closer look tells a different story.
Retail Ramp‑Down, Wholesale Lift‑Up
The retail arm of the group took a hit, registering an operating loss of about £89.4 million. That was mainly because of a confluence of rising wholesale prices, added green levies, and stubborn distribution costs.
Fortunately, other parts of the business – namely wholesale energy and distribution – stepped in to cushion the blow, pulling the overall balance back into the black.
Customer Sentiment: A Mixed Bouquet
- Price hike alert! SSE announced an 8.2% jump in household energy bills this week.
- Public reaction? A swirl of frustration and, some will say, defiance from those who feel the power company’s focus has tilted toward shareholders.
Speech from the Top
Will Morris, the Group Managing Director of SSE’s retail business, weighed in: “Some politicians and media commentators have long argued that we value our shareholders more than our customers. They suggest we’re laser‑focused on pumping out dividends, no matter the customer’s wallet. That’s not how it works.”
Dividend Talk
In a move that would make any shareholder smile, SSE just bumped its interim dividend by 3.2%, bringing the payout to 26p per share.
This story is a reminder that behind every headline is a nuanced picture – profits may shine, but the path to them is paved with tight margins, policy tweaks, and a constant balancing act between shareholder returns and customer satisfaction.
Read all the latest on energy prices
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