SSE and Npower scrap plan to merge retail businesses. Plans to merge two of the UK’s largest energy suppliers have been scrapped after SSE and Innogy failed to reach a revised agreement to provide financial support to the new company.
FT 17th Dec 2018 read more »
Two of Britain’s biggest energy suppliers have scrapped their planned merger, blaming the government’s price cap and tough competition for rendering the proposed new company unviable. SSE said that it had pulled the plug on the proposed combination of its household energy supply business with Npower, owned by Innogy, of Germany, after failing to agree revised terms to salvage the deal. The merger was first proposed a year ago and the new supplier had been due to be listed as an independent company in London early next year. However, SSE said that the combined company would no longer be viable. It blamed “very challenging market conditions” and highlighted heavy financial losses at Npower.
Times 18th Dec 2018 read more »
Scotsman 17th Dec 2018 read more »
SCOTTISH Hydroelectric owner SSE has underlined its determination to quit the market for supplying energy to households after a controversial deal to merge its retail arm with npower fell apart.
Herald 18th Dec 2018 read more »
The National 18th Dec 2018 read more »
Energy regulator Ofgem has announced “smarter, fairer and cleaner” reforms to the energy market that it claims could save consumers £45 per year. The proposals, which include price controls on the National Grid and other network companies from 2021, is expected to save £6.5bn. The regulator wants to reduce the returns network companies can pay back to shareholders, which have been criticised for being too high, and lower borrowing costs for energy firms. Jonathan Brearley, Ofcom’s executive director for systems and networks, told the BBC: “We will drive a hard bargain with the companies that build the pipes and wires that bring energy to our homes.
Telegraph 18th Dec 2018 read more »