SSE share price falls as ‘Yes’ pulls ahead in Scottish referendum polls

SSE’s share price fell by almost 2 per cent on the back of a surge in support for the ‘Yes’ campaign in polling ahead of the Scottish referendum.

A YouGov poll for the Sunday Times was the first poll to indicate that the pro-independence campaign had a lead.

The survey of 1,084 people put the ‘Yes’ campaign in front with 51 per cent, with the ‘Better Together’ campaign polling 49 per cent.

SSE’s share price fell from 1,508 pence at the close of trading on Friday, to 1,478 pence by the time the market opened again on Monday morning, after the publication of the poll results.

Around half of SSE’s profit (EBIT) comes from Scotland, and analysts estimate around a third of SSE’s profit would be “at risk”, due to the loss of Renewable Obligation Certificate (ROC) income, should the Yes campaign be successful on 18 September.

Other concurrent polls still put the ‘No’ campaign narrowly ahead, with a lead of up to 6 percentage points. But this lead has narrowed significantly over recent weeks.

SSE has remained neutral in relation to the Scottish referendum, stating in March that a single energy market would be “likely” in the event of a yes vote, although it added negotiations between the Scottish and UK governments could be “complex” in the event of independence, which might result in changes to the existing market.