SSE loses £150m on energy network projects but still rules the retail arm

October 10th, 2019
SSE

The Big Six Energy supplier SSE suffered a big blow when Ofgem decided to scrap the energy network subsidies. The company suffered a total loss of £150m on energy network projects but still has a reason to keep its head high as it is considered to have one of the highest profit making firms in the retail arm of UK energy supplies. Although, it has warned its investors to be prepared for a knock in the company’s operating profits this year, it still manages to get astronomical profits in power generation and retail energy supplies.

The gas and electricity supplier also aces in offering retail services in the fields of metering, broadband, boiler cover, electrical wiring and more. A strong market hold in these fields allows it to enjoy good profits and remain stable amidst such big losses. However, the UK energy supplier does not fare well when it’s about offering cheap gas and electricity to its customers.

The electricity and gas supplier has suffered huge losses in customer base in the recent past as more and more people switch to cheaper energy suppliers. Still, the fact that it is making huge profits suggest that it charges much higher energy prices than many of its contemporaries. The government and Ofgem have been critical about it but are not doing enough to help the UK energy customers.

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