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.



Like this

Latest


07 November 2017
National Basketball Association fines Suns' Eric Bledsoe for 'I don't wanna be here' tweet
They have too many mouths to feed, and Giannis Antetokounmpo often runs point guard as much as anyone else. Eric Bledsoe finally is getting his wish.

07 November 2017
UNSC demands end of violence in Myanmar's Rakhine
The UN has described the violence as "a textbook example of ethnic cleansing", an allegation denied by the government. But resolutions are legally binding and diplomats said China, a neighbour and ally of Myanmar, was strongly opposed.

07 November 2017
Clerk shoots armed suspect at California liquor store
Investigators say the clerk pulled out his own handgun and opened fire, striking one suspect, who died at the scene. Police are searching for the killer who murdered a store clerk in Oak Cliff during a robbery Monday night.

07 November 2017
Bandai Namco adding more resources for Switch development
Taguchi added that it was possible all the company's brands could see eventual Switch products. "It's a shame, but we didn't think the Switch [would] be accept this fast".

07 November 2017
Ghost of Tsushima, Dreams to Appear at PlayStation Experience
It certainly looks handsome , though - perhaps we'll get a better idea of how it plays during PSX. If you're local, tickets are available now .

07 November 2017
Texans haven't contacted Colin Kaepernick
"These things are going to continue to be discussed". "I mean, everybody gets discussed", when asked if Kaepernick had been discussed.

07 November 2017
India and Bangladesh kick start joint military exercise
As per the reports, the operations will be conducted in a semi-mountainous jungle terrain to bolster bilateral military ties. Before this, the army also conducted the previous edition of the exercise and that was held at Tangail in Dhaka past year .

07 November 2017
Twitter User Posts 35000 Character Tweet Using Undiscovered Loophole
Character length has always been a defining feature of Twitter, but it's also one that's come under debate several times. Nobody knows why Twitter's automatic URL shortener failed to kick in and stop the nonsense.

07 November 2017
J&K encounter: Police to handover chief Masood Azhar nephew's body to JeM
He said around 16 to 20 JeM militants were still operating in the Valley. "Jaish-e-Muhammad has owned Talha Rasheed", IG said. An Army jawan was also martyred in the encounter that broke out between militants and security forces on Monday.

07 November 2017
AMC Entertainment Holdings Inc (AMC) Shares Slip on Weak Outlook
If you are reading this story on another site, it was illegally copied and reposted in violation of USA & worldwide copyright law. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors.



Recommended