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?

SSE to pay £1m after inaccurate annual statements

SSE to pay £1 million after issuing inaccurate and misleading annual statements to pre-payment meter customers between 2014/15

SSE has agreed to pay £1 million to Ofgem's consumer redress fund after providing some pre-payment meter (PPM) customers with inaccurate and misleading information in annual statements.1

Ofgem launched an investigation into the supplier in November last year after SSE reported the issue to the regulator.

The investigation found that, between June 2014 and September 2015, the supplier sent out 1.15 million such annual statements to 580,000 pre-payment meter customers.

Due to an IT coding error, these annual statements had inaccurate information on the alternative cheaper tariff available to customers and inaccurate estimates of how much they could save annually by switching to them.

Some statements also overestimated the annual savings the customers could make by changing their pre-payment meter to a standard credit meter paying by direct debit, as well as by moving to paperless billing.

Our investigation found that, whilst a large number of incorrect annual statements were issued to customers, the level of harm is low as only a small proportion of those customers would have acted on the information by switching. The average saving for each of these customers would also have been low.

The investigation found that SSE failed to act promptly to put things right, by not identifying the issue at an early stage and by not escalating action to address it or putting in place appropriate remedial actions.

The supplier also failed to put in place arrangements and processes around customer communications that were complete, thorough and fit for purpose.2

SSE has since improved its processes to prevent this from happening again. This includes carrying out extra checks on their customer communications before issuing them and giving more resources to the teams involved.

Ofgem has now closed this case without taking formal enforcement action, taking into account the steps that SSE has since taken to address its failings and, considering the low level of harm identified, the redress it has agreed to pay.

SSE will pay £1 million into Ofgem's consumer redress fund administered by the Energy Savings Trust, which supports consumers in vulnerable situations and the development of innovative products or services not currently available to energy consumers.3

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Ex dividend on 26th July @66.30p

Berenberg Buy 1,382.00 1600.00 1470.00 Reiterates

StockMarketWire.com
SSE said that dry, still and warm weather and persistently high gas prices negatively impacted its adjusted operating profit by around £80m in the first quarter, adding that this would potentially impact on its full-year results.

The above factors resulted in a higher cost of energy, lower-than-expected power output from renewables and lower energy consumption.

"Looking ahead, we are very focused on fulfilling our obligations to energy customers and delivering on our key priorities. Those priorities include successful delivery of our plans to invest around £1.7bn in this financial year, and we are pleased with the progress of key projects, including the installation of the first two turbines at the Beatrice offshore wind farm," said Chief Executive Alistair Phillips-Davies.

"We are strongly committed to delivering the five-year dividend plan we set out in May," he added.

Hydro output was higher than the same period in 2017, mainly due to higher snow melt in the period. However, hydro output in both Q1-17/18 and Q1-18/19 was below expected levels, with Q1-18/19 around 20% lower than plan.

Poorer-than-average wind conditions in the first quarter resulted in some output from onshore and offshore wind farms being some 15% lower than planned.

StockMarketWire.com
Energy utility SSE warned it expected its first-half adjusted profits to halve in the current financial year, as warmer weather and higher prices sapped demand.

The company also warned that a new regulatory price cap would have a worse-than-expected impact on its energy services business for the full year.

In the five months through August, the company said relatively dry, still and warm weather had continued, as had persistently high gas prices. Low wind conditions had also lowered renewable energy output.

Its adjusted operating profit for those first five months of the financial year had therefore been negatively affected by around £190m compared with plan.

'The net result is that SSE currently expects its adjusted operating profit for the six months to 30 September 2018 will be around half of that delivered in the same period in 2017,' the company said.

Ofgem's proposed default tariff cap, associated methodology and input data, if implemented on 1 January, was expected to result in adjusted operating profit for SSE Energy Services in 2018/19 'being significantly lower' than SSE expected at the start of the financial year.

Unlike other suppliers, SSE Energy Services had implemented only one increase in standard household energy prices during 2018, the company noted.

'Looking ahead, because it is the subject of the planned transaction with npower, SSE Energy Services is likely to be deemed to be held for sale in SSE's financial statements,' SSE said.

'This means it will be excluded from the calculation of SSE's adjusted earnings per share for 2018/19.'

On dividends, SSE said it still expected to recommend a full-year dividend of 97.5p per share for 2018/19 and to deliver its five-year dividend plan set out in May.

'Lower than expected output of renewable energy and higher than expected gas prices mean that SSE's financial performance in the first five months has been disappointing and regrettable,' chief executive Alistair Phillips-Davies said.

'The underlying quality of SSE's businesses remains strong, with regulated networks and renewables providing the core of what will be an infrastructure-focused SSE group in the years ahead. '

Citigroup today reaffirms its neutral investment rating on SSE PLC (LON:SSE) and cut its price target to 1203p (from 1327p).

HSBC today downgrades its investment rating on SSE PLC (LON:SSE) to hold (from buy) and cut its price target to 1300p (from 1400p).

MAJOR GAS DISCOVERY ON GLENDRONACH PROSPECT

Statement re: CMA Final Report

SSE comments on publication of CMA's Final Report into proposed GB energy retail merger

SSE plc (SSE) welcomes the Competition and Markets Authority (CMA)'s publication of its Final Report following the inquiry into the proposed merger of SSE Energy Services, SSE's household energy and services business in GB, and Innogy SE (innogy)'s GB retail business, npower Ltd.

Commenting on the publication, Alistair Phillips-Davies, Chief Executive of SSE plc, said:

"We are very pleased that the Final Report of the CMA's investigation confirms its provisional findings that the proposed merger of SSE Energy Services and npower does not raise any competition concerns.

"This is a complex transaction and there is still much work to do in the coming weeks and months. However, we've always believed that the creation of a new, independent energy and services retailer has potential to deliver real benefits for customers and the market as a whole and it is good to see that the CMA has cleared the transaction following what was a comprehensive and rigorous inquiry."

ENDS

Energy firms SSE and Npower renegotiate terms of merger

Interim results for the six months to 30 September 2018

14 November 2018

This report sets out the interim results for SSE plc for six months to 30 September 2018, which are ahead of the expectations set out in the Trading Statement and Notification of Close Period Statement issued on 12 and 25 September 2018 respectively.

Headline results (excluding SSE Energy Services)

Excluding SSE Energy Services, which is held for disposal:

· adjusted earnings per share is 19.6 pence (down 39.9%);

· adjusted profit before tax is £246.4m (down 40.9%);

· reported loss per share is 22.6 pence; and

· reported loss before tax is £265.3m.

SSE has also today announced the interim dividend per share for 2018/19 of is 29.3 pence, an increase of 3.2%.

SSE is today announcing that it will consolidate the development, operation and ownership of all of its renewable energy assets in the UK and Ireland under a single entity called SSE Renewables.

Revenue - adoption of IFRS15

As a consequence of adoption of IFRS 15 on 1 April 2018, optimisation trading revenue and costs of sales, which were previously presented gross, are now presented within cost of sales on a net basis. This has reduced revenue and cost of sales by £7.9bn in the six months ended 30 September 2018, with no impact on gross profit or the Group's cashflows.

Outlook
Dividend
SSE continues to intend to recommend a full-year dividend of 97.5 pence per share for 2018/19 and to deliver the five-year dividend plan set out in May 2018.

Adjusted operating profit (excluding SSE Energy Services)
The outlook for SSE's Networks and Wholesale businesses for the financial year to 31 March 2019 is in line with that set out in its Trading Statement:

· Adjusted operating profit for the Networks businesses is expected to increase by a mid-single digit percentage; and

· Performance of Wholesale businesses will continue to be dependent on the range of factors set out at the start of the financial year; Energy Portfolio Management (EPM), however, is now expected to incur a slightly lower than previously forecast adjusted operating loss for 2018/19, at around £300m, as a result of action taken since September.

Adjusted earnings per share (excluding SSE Energy Services)
Excluding the results for SSE Energy Services, which is now held for disposal, SSE currently expects to deliver adjusted earnings per share in the range of 70p to 75p for 2018/19 as a whole, which compares to 98.3p on a like for like basis for the year ended 31 March 2018.

The forecast adjusted EPS number excludes two gains on sale: £74.2m recognised from the sale in May 2018 of a further 14.9% stake in Clyde Wind farm. A further £53m is expected to be received as a distribution from the Environmental Capital Fund (in which SSE has a 48% stake) as a result of its sale of the independent gas transportation network Indigo Pipelines in November 2018.

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CREATION OF SSE RENEWABLES


SSE plc plans to consolidate the development, operation and ownership of its renewable energy assets in the UK and Ireland under a single entity to be known as SSE Renewables.

The creation of SSE Renewables is a step towards SSE's vision of being a leading energy company in a low carbon world and is in line with SSE's commitment, set out in its Business Update in May 2018, to take forward a new business model that gives:

· greater focus on core businesses including renewables;

· investors greater visibility of assets and earnings;

· each of its businesses the best platform for future success.

Assets

SSE Renewables will comprise SSE's existing operational assets, and assets under development and construction in the UK and Ireland in:

· onshore wind;

· offshore wind;

· flexible hydro electricity;

· run-of-river hydro electricity; and

· pumped storage

The group's operational assets are currently expected to total over 4GW at 31 March 2019, with actual capacity subject to the potential sale of stakes of up to 50% in the Stronelairg and Dunmaglass onshore wind farms.

Markets

The assets of SSE Renewables are all in the UK and Ireland, and the business' focus will remain on those markets. In line with its Business Update in May, SSE is also seeking to extend its core competences in renewables energy to geographical areas beyond the UK and Ireland. The creation of SSE Renewables is expected to result in the creation of more opportunities in different markets, and SSE has begun the process of early assessment of potential opportunities.

Management

SSE Renewables will have its own and dedicated and experienced management team. Jim Smith currently SSE's Managing Director, Generation, has been appointed Managing Director Designate for SSE Renewables. Reporting to Wholesale Director Martin Pibworth, he will lead the work being done to prepare for the formation of the new entity, which is expected to be largely complete by the end of the current financial year. Management of and reporting in relation to the new entity is likely to begin in advance of its formal incorporation.

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JP Morgan Cazenove Neutral 1163.50 1450.00 1230.00 Reiterates

Hasn't done the sp any harm.....

Bills may soar after power row

British energy supplier SSE on Monday pulled out of its planned merger with Innogy's Npower retail unit, saying the two companies could not agree on commercial terms. "The transaction has been impacted by multiple factors including the performance of the respective businesses, clarity on the final level of the default tariff cap, changing energy market conditions and the associated implications of these for both the joint business plan and the market in which the business would be operating," SSE said. "These implications meant the new company would have faced very challenging market conditions, particularly during the period when it would have incurred the bulk of the integration costs."

SSE said full year adjusted EPS would be 6p lower as a result of the capacity market "standstill", taking the forecast to 64p to 69p a share. The EU General Court ruled last November that Britain must halt payments under the scheme pending an investigation by European Union regulators. SSE said it was due £60m.

Saying us tax payers from subsidising a "licence to make money" privatised water outfit...Well played the EU yet again -):

(specially for C Dil and Co)