Economy

SSE in talks with Innogy to create independent United Kingdom energy supplier

SSE in talks with Innogy to create independent United Kingdom energy supplier”

British power utility SSE, the country's second-biggest energy supplier said on Tuesday it has been in talks with Germany's Innogy SE about creating a new independent United Kingdom energy supply company.

SSE and npower, two of the UK's biggest energy companies, are planning to combine their household energy supply businesses in a potentially seismic shake-up of the market.

SSE said discussions with Innogy are ongoing and are at a "well-advanced" stage but there is no guarantee that a merger deal will be agreed.

SSE shares rose more than 2% on news of the merger talks.

Both companies have opposed the government's plans for a price cap on energy prices, which Theresa May has said she is imposing to end "rip-off" standard variable tariffs.

The company added that it was mindful of the impact on staff and customers, and would inform them of developments as soon as possible.

A possible deal between SSE and Innogy comes as the so-called big six energy suppliers in the United Kingdom lose customers at a growing pace to smaller suppliers.

Centrica, Iberdrola (SocttishPower), E.On and EDF make up the remainder of the Big Six in the UK.

Innogy booked a half-year loss for Npower in August as it grappled with what it called "fierce competition and political pressure".

In July, SSE revealed it lost another 230,000 customer accounts as a result of households switching away from the Big Six to cheaper rivals as it blamed a "highly competitive" market.



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