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SSE posts loss amidst fears of price rises

The energy supplier has blamed wholesale gas prices for its performance over the past six months

The loss may prompt SSE to raise energy prices

The scale of the loss will be revealed in the coming month, prompting industry experts to predict a price rise announcement.

The energy supplier has, however, said it remains on track to increase shareholder dividends for the current year. A decision which could well anger SSE’s 10 million customers, should a price rise be implemented.

Price rises expected in the run up to winter

Just weeks ago, speculation was mounting that British Gas would be the first of the big six to announce price rises. Analysts predicted a rise of roughly 8%, which would add an estimated £100 to the average consumer’s energy bill.

Once one energy supplier announces a price rise, it is expected the others will do the same.

Miliband’s pledge to freeze prices causing ‘economic vandalism’

Shares in SSE and the other members of the big six fell, following Labour leader Ed Miliband’s pledge to freeze energy prices for 20 months in 2015. One of Centrica’s shareholders referred to the move as “economic vandalism.”

Speaking on Labour’s announcement, SSE’s Finance Director Gregor Alexander, said: “Despite the intensifying political debate, we will maintain our operational and financial discipline, to enable us to deliver an above-inflation increase in the dividend for this financial year and beyond.”

Last Friday, it was revealed that SSE was reviewing plans to invest in renewable marine and tidal energy initiatives.

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  • David Gordon Eves

    the prices shuld have been frozen straight away. they will put them up as much again in july then again in November when gas prices are falling. make it law that all housing assions put solar panels on there buildings and wind turbines in the gardens.