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Energy giant's profit jump

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Thursday, November 15, 2012
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Plymouth Herald

AN ENERGY company whose customers were hit with bill hikes of 9 percent last month reported a 38 percent jump in half-year profits to nearly £400 million today.

SSE, which trades as Southern Electric, Swalec and Scottish Hydro, also increased its dividend for shareholders by 5 percent to 25.2p a share.

But the company defended the increases and said its household energy supply business accounted for 8 percent of total operating profits.

Caroline Flint, Labour's energy spokeswoman, said: "People will not understand how the energy giants can get away with inflation-busting price rises this winter when their profits are already increasing."

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  • Profile image for Watcher11269

    by Watcher11269

    Thursday, November 15 2012, 5:39PM

    “SSE, the UK's second-largest generator of electricity, has said its £398m half-year profit was necessary to "make investments that keep the lights on". Is it me or does that seem to be an awful lot of lights??
    Let's not forget though that five of the big six energy companies have raised their gas and electricity prices in the last two months, with British Gas, SSE, Scottish Power, npower and EDF all blaming the current wholesale price as one of the reasons for raising household bills.
    But ask yourself this, is it a coincidence that the large energy players all raise their prices when the young, elderly, at risk and infirm need it the most? For the last 2 years, as Winter approaches, energy firms have adopted the price hike technique just when people need it the most. Then, conveniently the price is cut slightly in late Spring, and if we're lucky, again as Summer approaches-just in time for our lower energy consumption..... I believe that this manipulation of 'seasonal' price changes is greed driven and morally wrong. Why should our pensioners and less well off have to decide between paying for food or paying their heating bills?
    A lot of energy providers also rely on the general apathy of their customers who think it's too much hassle to shift their supplier and therefore stay put. Believe it or not, one phone call or email usually does the trick! My advice is to vote with your feet-move utility providers at the merest sniff of a price hike .Use a price comparison website and you might even get cash back for doing so-moneysavingexpert.com is a pretty good one.”

  • Profile image for Foldart

    by Foldart

    Thursday, November 15 2012, 9:14AM

    “Time for the government to act over these profit margins. The fat cats prosper while the population struggle with the bills...”

  • Profile image for catdaddy1214

    by catdaddy1214

    Thursday, November 15 2012, 6:32AM

    “Did not see that coming!”

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