SSE warns on profits, fuel bills set to rise

Source: Exec Digital UK

Date :24/07/2008 09:44:30

Further energy price hikes look likely today, July 24, as Scottish & Southern Energy issued a stark warning that its first half profits would be a lot lower than previous years.

SSE has achieved continued growth in customer numbers, a further reduction in customer complaints and progress in its major investment programme.

However, chief executive Ian Marchant said that it was becoming increasingly difficult to keep retail energy prices down, as wholesale prices soar.

“The extent of the energy shock with which the entire global economy is having to contend has been well-documented, and its full impact on prices for electricity and gas in the UK has still to be felt,” Marchant said in an interim management statement released today.

“We are continuing to resist the pressure to put up prices for domestic customers, but doing so is becoming more difficult by the day.”