Energy giant announces massive profits SSE profits as energy bills increase
14 November 2012
Energy giant Scottish and Southern Energy (SSE) said its half-year profits rose by 38% today - despite recently hiking the cost of customers bills.
Which? executive director Richard Lloyd said: 'Following the latest round of energy bill hikes and the recent allegations of gas market price manipulation, people are bound to ask whether they’re paying a fair price for their energy when they see suppliers announcing big profits.
'Many people are struggling with rising energy costs, so the Prime Minister must stick to his promise to ensure suppliers put their customers on the cheapest tariffs.
'These profit announcements also show why, alongside the regulators’ investigations into market manipulation, the Government must set up an independent review to look urgently at whether recent price increases are justified. Without greater scrutiny of energy prices, consumers simply will not believe that they’re getting a good deal.'
If you're worried about rising energy prices you can compare gas and electricity prices using energy comparison service Which? Switch, to find out if you can get a better deal.
SSE defends its energy profits
The company defended the increase in profit saying that its household energy supply business only accounted for 8% of its total operating profits.
It blamed rising bills on increased wholesale prices, the cost of distributing gas and electricity and the impact of government initiatives.
SSE supplies gas and electricity to 9.6 million household and business customers.
None of the big six energy suppliers did well in the 2012 Which? Switch energy company satisfaction survey, in which we asked thousands of energy customers to rate their supplier. Find out how SSE did in our review of the best and worst energy companies.