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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  SSE plc    SSE   GB0007908733

SSE PLC

(SSE)
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Delayed Quote. Delayed London Stock Exchange - 09/20 11:35:19 am
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SSE to cut energy prices by 6% from October 1, in line with UK price cap

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08/22/2019 | 02:35am EDT
An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

LONDON (Reuters) - Britain's SSE will cut energy bills for customers on its standard tariff from Oct. 1, with prices falling 6% in line with regulator Ofgem's price cap, the company said on Wednesday.

The cap on default electricity and gas bills - a flagship policy of former British Prime Minister Theresa May to end what she called "rip-off" prices - came into force in January.

In August Ofgem said the cap would be lowered by 6% from Oct. 1 to 1,179 pounds per year for average energy use to reflect lower wholesale energy prices.

SSE said an average user on its standard tariff would pay 6% less, or 1,178.58 pounds a year, and those on pre-pay meters would pay an average of 1,216.90 pounds a year.

However, a small number of customers who use very little energy could see an increase in prices, SSE said, due to a change in the way the standard charge rates - the fees paid by all customers for access to the energy system - are calculated.

"All customers who are negatively impacted by the change will receive a letter/email to explain how the Ofgem cap works and why we’re changing our prices," SSE said.

Britain's Competition and Markets Authority said earlier this year that the way standard charges are calculated should better reflect costs for suppliers.

Britain's other five big six energy providers - E.ON, Centrica's British Gas, Iberdrola Scottish Power, Innogy's npower and EDF's EDF Energy - are all expected to make similar price cut announcements ahead of the Oct. 1 deadline.

(Reporting by Susanna Twidale in London and Muvija M in Bengaluru; Editing by David Evans and Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC -0.30% 73.36 Delayed Quote.-45.62%
E.ON SE -0.63% 9.018 Delayed Quote.4.53%
ELECTRICITÉ DE FRANCE 0.70% 10.865 Real-time Quote.-21.27%
IBERDROLA -0.64% 9.272 End-of-day quote.32.12%
INNOGY SE -0.60% 44.5 Delayed Quote.9.26%
SSE PLC 0.00% 1236 Delayed Quote.14.29%
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Financials (GBP)
Sales 2020 29 978 M
EBIT 2020 1 437 M
Net income 2020 828 M
Debt 2020 9 857 M
Yield 2020 6,47%
P/E ratio 2020 14,8x
P/E ratio 2021 12,5x
EV / Sales2020 0,75x
EV / Sales2021 0,73x
Capitalization 12 588 M
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Number of Analysts 21
Average target price 1 243,33  GBp
Last Close Price 1 236,00  GBp
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Spread / Lowest Target -19,1%
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Alistair Phillips-Davies Chief Executive Officer & Executive Director
Richard D. Gillingwater Chairman
Anthony Edward Keeling Chief Operating Officer
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Martin Pibworth Director & Managing Director-Wholesale Division
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