Cold Weather Pushes Profits For SSE

Energy supplier SSE has recorded a rise in its annual profits following a spell of bad weather.

The profits come despite a fine from energy regulator Ofgem and a disruption to its services.

For the 12 months to the end of March, SSE reported pre-tax profits of £1.4bn, an increase of 5.6% from the previous year.

The company said the jump in profits was due to the severe cold weather earlier this year, when the average UK household gas consumption increased.


However, Chairman of SSE, Lord Smith of Kelvin, said the company had faced "two of the biggest issues" in its history in recent months.

Heavy snow and ice disrupted some services in March, while the provider received a £10.5m fine from Ofgem for misleading potential customers, and it is expected to pay out a further £1.5m in compensation to those customers affected.

Over the year, SSE said average UK household gas consumption had risen by 21%, while electricity consumption increased by 5%.

As a result, operating profits at its retail operations were up 27.5% to £410m, despite a fall in its energy customer accounts in the UK and Ireland.

SSE has 9.47m customers, down 80,000 from one year ago.

(JP/CD)