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SSE is still considering options for the future of its retail arm – SSE Energy Services – after plans for a merger with Innogy’s Npower were scrapped in December.
5 years ago
Big six supplier Npower has today (31 January) confirmed 900 jobs are at risk due to "tough market conditions".
Moody's said it took into account the announcement of 17 December that the merger between SSE and fellow large supplier Npower will not occur as previously announced.
The announcement that SSE will not pursue its planned SSE Energy Services tie-up with Npower
Industry voices, including the GMB union, have reacted with concern after the anticipated merger between big six suppliers SSE and Npower was called off.
SSE plc continues to work on separating SSE Energy Services as an independent, self-sufficient entity within the group, in preparation for its future outside it.
SSE and Npower have decided to enter into negotiations on adjusting the terms of the planned merger, blaming regulatory interventions such as the price cap.
6 years ago
SSE and Innogy have appointed Martin Read as chairman designate for the new supplier they have agreed to form by merging SSE’s retail arm and Npower.
SSE has warned warm weather and persistently high gas prices in the financial year so far negatively impacted its adjusted operating profit by £190 million and has also warned the looming price cap will hit profits next year.
Ofgem’s proposal to set the energy price cap at £1,136 per year for a typical dual fuel customer has been described as “concerning” for the whole industry.
The company blamed the weather for a low output from renewable sources in a trading update, ahead of its annual general meeting (AGM) later today (19 July). Shareholders will be asked to back the proposed merger of the company’s retail arm with Npower at a general meeting after the AGM.
Gordon Boyd has been appointed chief financial officer designate of the new British energy supply and services company that Innogy SE and Scottish and Southern Energy plc (SSE) have agreed to form, subject to necessary shareholder and regulatory approvals.
The proposed merger between Innogy's Npower and the retail arm of SSE may reduce competition in the energy market and raise bills for consumers, the Competition and Markets Authority (CMA) has concluded.
Katie Bickerstaffe has been appointed as chief executive designate of the proposed merger of the retail arms of SSE and Innogy.
It's time to embrace energy reform that in the past might have seemed radical but in the future, is essential, say SSE chief executive Alistair Phillips-Davies.
SSE chief executive Alistair Phillips-Davies has urged the UK and EU to continue to collaborate on energy projects post-Brexit in order to deliver a North Sea low carbon grid.
SSE has begun talks with the Competition and Markets Authority (CMA) over the planned merger