You are here: Home - Household Bills - News -

SSE annual profits jump 9.6% following price hikes

Written by:
Energy giant SSE has posted annual profits of £1.55bn, a 9.6 per cent rise compared with a year earlier.

However, the firm said a competitive market and mild winter saw operating profits in its retail arm fall by 28.6 per cent to £292m.

Britain’s ‘Big Six’ energy suppliers – British Gas, npower, EDF, E.ON, Scottish Power and SSE – have faced heavy criticism in recent months for increasing tariffs.

SSE was the first of the UK’s largest suppliers to raise prices back in November. However, in March the group said it was freezing prices until at least January 2016.

Alistair Phillips-Davies, chief executive of SSE, said: “We introduced our price freeze right at the end of the last financial year and it has been hugely popular. It remains the only such commitment available to all customers and will mean we take a hit on retail profits over the next couple of years.”

SSE revealed it lost 370,000 customer accounts over the year but said the decline was before its price freeze came into effect.

Mark Todd, co-founder of independent price comparison site,, said the results show SSE customers are voting with their feet in their hundreds of thousands.

“370,000 customers have left in the last year and when you compare their standard tariff to the cheapest on the market, it is no surprise. The SSE Standard tariff is almost £200 a year more expensive than the cheapest out there. If you are with SSE you might want to consider whether you would prefer them to have the extra £200 in their pocket or whether you’d prefer to have it in yours. If you would prefer it in yours, the way to get it is to switch.”

James Padmore, head of energy at, said: “Today’s results show that for consumers, big doesn’t necessarily mean better. People are increasingly shopping around for their energy provision and their appetite for the Big Six is certainly dipping .

“The increased competition in the energy market, with smaller providers often offering lower prices, is attracting people away from the traditional suppliers.”

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
FTSE 100: This morning’s risers and fallers

Stocks were trading slightly lower little over an hour after the start of trading, following somewhat hawkish remarks out from...