Market sort of going side ways of late

But I'm amazed that this one has hardly moved up In the last week

30p divi due tomorrow.

Anyone else watching these?

Well no point in buying these today for a short term return with the Dow up over 200p is there?

Exodus at SSE as gas and electricity customers rush to beat price rises

Thousands of gas and electricity customers are leaving SSE in protest at the nine per cent price rise announced last month.

According to one online switching company, which monitors energy trends, up to 50,000 users have signed up with cheaper suppliers in the past three weeks. There are estimates that a further 20,000 could leave by the end of this week.

Mark Todd, marketing director at energyhelpline.com, said switching volumes from SSE, formerly Scottish & Southern Energy, were up 742 per cent since the price rise was announced on August 22.

Half Yearly Results

STRATEGY AND FINANCE

Delivering sustained real growth in the dividend

· Interim dividend up 5.0% to 25.2p per share

· Targeting full-year dividend increase of at least RPI +2% for 2012/13

· Targeting annual dividend increases above RPI inflation in 2013/14 and beyond

· Adjusted earnings per share* up 40.6% to 35.3p

· Adjusted profit before tax* up 38.3% from £287.4m to £397.5m (2010: £385.5m)

· Outlook for full-year adjusted profit before tax* to be provided in Q3 IMS, as planned

· Ongoing investment in new assets through six-month capital expenditure of £699.2m

· Adjusted net debt and hybrid capital up £298m to £7.054bn since 31 March 2012

· Medium/long-term funding, including hybrid capital, of £1.48bn secured at good rates

· Average debt maturity of 10.9 years

Ex dividend tomorrow 25.2p

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Haven't seen that MN, thanks for the alert.

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Interim Management Statement

SSE plc is on course to deliver an increase in the dividend per share and an increase in adjusted profit before tax for the financial year to 31 March 2013 and to achieve key operational and investment objectives.

This Interim Management Statement summarises SSE's performance since the start of the current financial year, which began on 1 April 2012, and includes updates on operations and investments in SSE's Networks, Retail and Wholesale businesses since the publication of its six-month results on 14 November 2012.

It also includes a financial outlook, and SSE is forecasting an increase of around 4% to 5% in adjusted profit before tax for 2012/13 and an increase of at least 2% more than RPI inflation in the full-year dividend, to around 84 pence per share.

Sale of wind farm capacity

SSE has agreed to sell four wind farms1 with a total generation capacity of 79.5MW to a new fund managed by Greencoat Capital2, for a total cash consideration of £140m. SSE will invest up to £43m of the consideration into shares in the new fund. In the event that the fund is over subscribed, SSE's investment in the fund will reduce.

NOTIFICATION OF CLOSE PERIOD


SSE plc will enter its close period from 1 April 2013, prior to the publication on Wednesday 22 May of its financial results for the year to 31 March 2013.

Developments since publication of IMS
Since the publication of its Interim Management Statement (IMS) on 31 January 2013, SSE has:

· launched a Customer Service Guarantee under which it promises to meet a new set of energy supply customer service commitments or give customers £20 off their next bill;
· announced that a total of 30,180 shareholders elected to receive the interim dividend for the year ended 31 March 2013 of 25.2 pence per ordinary share in respect of 327,303,253 ordinary shares in the form of Scrip dividend, resulting in a reduction in interim dividend cash funding of £82.5 million;
· set out updated plans for the operation of, and investment in, capacity for generating electricity at its thermal power stations that will result, amongst other things, in 2,000MW of existing capacity ceasing operation during 2013/14; and
· completed the sale of four wind farms with a total generation capacity of 79.5MW to a new fund managed by Greencoat Capital for a total cash consideration of £140m, and taken a £10m stake in the new fund.

OFGEM FINES SSE £10.5 MILLION FOR MISSELLING

OFGEM FINES SSE £10.5 MILLION FOR MISSELLING

· Ofgem found SSE failures at every stage of the sales process
· SSE management failures led to prolonged and extensive misselling
· Proposed SSE fine is largest ever imposed on an energy supplier

Exane BNP Paribas Outperform 0.00 1,620.00 1,620.00 Reiterates

Deutsche Bank Hold 0.00 1,400.00 1,400.00 Reiterates

Citigroup Sell 0.00 1,270.00 1,270.00 Retains

Preliminary Results

CHAIRMAN'S STATEMENT

"In consecutive weeks in the early spring of 2013, SSE confronted two of the biggest issues it has had to face since it was formed in 1998. The last week of March saw extreme snow falls and ice in the west of Scotland which inflicted unprecedented damage on the electricity network on Arran and Kintyre. Over 500 engineers and other employees from the company were deployed to help restore electricity supplies to households, businesses and other premises, working closely with a wide range of authorities and agencies. This was SSE at its best.

"The first week of April saw the Gas and Electricity Markets Authority propose a £10.5m penalty on SSE for breaches of licence conditions in relation to sales of electricity and gas, mainly between 2009 and 2011, which SSE accepted immediately. Like everyone else associated with SSE I have no hesitation in apologising unequivocally for the breaches that occurred; but while the breaches were clearly wrong, the response has been absolutely right.

"SSE has undertaken major reform of its Retail operations since 2011, including introducing at the end of that year a sales guarantee to make good any financial loss experienced by customers joining SSE, and launching earlier this year the industry's first-ever customer service guarantee, backed by a financial commitment. This is now SSE at its best too.

"A generally good performance in 2012/13 has enabled SSE to extend its unbroken record of annual increases in the full-year dividend and in adjusted profit before tax*. This ability to deliver consistently increases in the full-year dividend and in adjusted profit before tax shows the resilience inherent in its balanced model of economically-regulated and market-based energy businesses and the robustness of its strategy of focusing on operations and investments in each of those businesses.

"A carefully-maintained balanced business model and a clear strategic emphasis on operations and investments, including learning lessons from the past to improve performance in the future, have been consistent features of SSE since the company was formed in 1998. The other consistent feature of the company has been the first financial objective of its business model and strategy: to deliver sustained real growth in the dividend payable to shareholders.

"Throughout this time, Ian Marchant has been a remarkably successful finance director and then chief executive of SSE. He is the first to acknowledge, however, how much he owes to Alistair Phillips-Davies and Gregor Alexander and SSE is fortunate indeed to have these two very able and experienced executives, and a very strong management team generally, to take forward the business after Ian, having completed an exceptional decade as chief executive, steps down at the end of next month.

"While there will be a change of chief executive in the company, and while the energy sector is subject to change driven by regulation, legislation, technology, demand for natural resources and the needs of customers, there are four things at SSE that won't change: the balanced business model; the focus on operations and investment; the dedication to customer service; and the commitment to sustained real growth in the dividend in the years ahead."

Lord Smith of Kelvin
Chairman, SSE plc

Ex-divi wed 31st July (59p)

Interim Management Statement

Operations
In the three months to 30 June 2013 (comparisons with the same three months in 2012, unless otherwise stated):

· SSE's Total Recordable Injury Rate was 0.15 per 100,000 hours worked, compared with 0.14 during 2012/13 as a whole;
· Networks: the number of Customer Minutes Lost in the Scottish Hydro Electric Power Distribution area was 14, compared with 17; in the Southern Electric Power Distribution area it was 16, compared with 17;
· Retail: SSE's number of electricity and gas customer accounts in markets in Great Britain and Ireland fell from 9.47 million to 9.46 million;
· Retail: average consumption of electricity by SSE's household customers in Great Britain was estimated to be 920kWh, compared with 940kWh; average consumption of gas by SSE's household customers in Great Britain was estimated to be 96kWh, the same as in the previous year. On a weather-corrected basis however, there was an underlying reduction of 2% in average household electricity consumption and an underlying increase of 0.3% in average household gas consumption.
· Wholesale: total electricity output* from gas and oil fired power stations was 2,219GWh, compared with 1,954GWh, partly reflecting the return to service of Medway; from coal-fired power stations output was 3,569GWh, compared with 3,737GWh; and
· Wholesale: total electricity output* from renewable sources (conventional hydro electric schemes, onshore and offshore wind farms and dedicated biomass plant) was 1,756GWh, compared with 1,331GWh, partly reflecting additional capacity being in operation.
· * Output from electricity generating plant in which SSE has an ownership interest (output based on SSE's contractual share).

Investment
In its Annual Report 2013, SSE set out its investment priorities for 2013/14, including commissioning new assets and meeting other construction and development milestones in its programme of investment in its Networks and Wholesale businesses. It is forecasting total capital and investment expenditure of around £1.5bn for 2013/14 as a whole. In the three months since 1 April 2013:

· Networks: SSE's subsidiary Scottish Hydro Electric Transmission has completed work on reinforcing and upgrading the transmission network between Dounreay and Beauly; in addition, the Beauly-Fort Augustus ('North') section of the 400kV Beauly-Denny replacement line has now been energised.
· Wholesale: SSE has continued to add to its capacity for generating electricity from renewable sources, including Calliachar wind farm (32MW), which has taken its total to 3,283MW.
· Wholesale: Work is progressing well at SSE's 460MW CCGT development at Great Island in the South-East of Ireland. The majority of civil works are completed, the 400-tonne transformer has been delivered, the power train has been positioned and the 60-metre stack has been constructed. The main activity is now focused on the delivery of mechanical and electrical works. The plant is expected to be commissioned in the second half of 2014.

Other developments
Since the publication of SSE's financial results on 22 May 2013:

· Galloper offshore wind farm, a 50:50 joint venture between SSE and RWE npower renewables, has received development consent from the Secretary of State for Energy and Climate Change. The Galloper site is adjacent to the fully operational Greater Gabbard offshore wind farm, and will be taken forward with a capacity of up to 504MW;
· SSE has successfully launched a seven-year, €600m euro bond with a coupon of 2 per cent;
· SSE's subsidiary, Scottish and Southern Energy Power Distribution, has published a detailed business plan for the electricity distribution Price Control for 2015-23 that aims to deliver a 10% cut to the distribution network costs for customers in central southern England and the north of Scotland in 2015;
· SSE has completed the assessment of 98% of cases under its Sales Guarantee raised by around 16,000 of its customers since 3 April and, following assessments, made payments averaging around £75 to around 9,000 of those customers;
· Alistair Phillips-Davies has become Chief Executive, in succession to Ian Marchant;
· Sue Bruce, the Chief Executive of the City of Edinburgh Council, has been appointed a non-Executive Director of SSE with effect from 1 September;
· SSE has entered into a new £1.3bn Revolving Credit Facility provided by a group of ten banks. This facility - which was a self arranged deal - will run until July 2018 and replaces an existing £900m committed facility that had been due to mature in August 2015; and
· Ofgem has set out its 'minded to' position on the Needs case for the proposed reinforcement of the electricity transmission network around the Kintyre peninsula, designed to deliver around 260MW of capacity at an estimated cost of just over £200m and planned to be completed in 2016.

HSBC Neutral 1,555.00 1,546.00 1,505.00 1,630.00 Upgrades

Nice one ED!

At what price level will it stabilise ? Any views ?
I am hoping that it will stay above 1400 .

Changes to household energy tariffs from 15 Nov

Changes to household energy tariffs from 15 November

10 October 2013
· Household electricity and gas tariffs to increase by average of 8.2%
· Changes reflect increasing cost of buying wholesale energy, paying to deliver it to customers' homes and government-imposed levies collected through energy bills

SSE will implement a series of changes to its household energy tariffs on 15 November 2013. This follows increased costs of:

· buying energy in global markets (up 4% for a typical dual fuel customer*);
· paying to use the upgraded electricity and gas networks to deliver energy to customers (up 10%*); and
· government-imposed levies on energy bills (up 13%*).



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Results for six months