Power firm’s profit triples to £1.8billion – a month after price increase: SSE blames rising cost of supplying electricity to justify £73 hike hitting millions of households : Daily Mail

  • SSE’s profits have tripled just one month after it raised its prices for households
  • It revealed that its annual profit rose to £1.8bn from £593m in the previous year 
  • SSE, based in Perth, Scotland, has 8million energy accounts – down from 8.21m

Profits have tripled at one of the UK’s biggest energy companies, it emerged yesterday – a month after it raised prices for millions of households.

Last month SSE blamed rising costs of supplying electricity for its ‘difficult’ decision to increase average bills by 6.9 per cent or £73 per year.

But yesterday it revealed that its annual profit before tax rose to £1.8billion for the year to March 31 from £593million in the previous year.

Campaigners said it was a kick in the teeth for customers. SSE, based in Perth in Scotland, has 8million energy accounts, down from 8.21million last year.

Mike Shamash, director of non-profit switching company the People’s Power, said: ‘Given the profits that they are making, it is profiteering off either people that cannot switch because they have got too much debt, or people that don’t understand how to switch. I would urge them to become a bit more ethical.’

Emma Hughes, from energy price campaign group Switched On London, said SSE and other energy companies were ripping people off.

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