Airtricity owner reports ‘disappointing and regrettable’ interim results

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Airtricity owner reports ‘disappointing and regrettable’ interim results


Stock photo: PA
Stock photo: PA

SSE, which is behind Airtricity, has reported a 41pc fall in adjusted profit before tax of £246.4m (€283.6m) in the six months to 30 September.

Commenting on the performance Richard Gillingwater, chairman of SSE, described the performance as “disappointing and regrettable” saying that the results fall “well short of what we hoped to achieve at the start of the year.”

He added that important changes are now being made to the way SSE manages its exposure to energy commodities.  

“Looking ahead, we are taking forward the strategy we set out in May to position SSE as a leading energy company in a low carbon world, with a focus on regulated networks and renewables, complemented by flexible thermal generation and business energy sales,” Mr Gillingwater said.

“Material progress is being achieved in these businesses, which make up most of the value in SSE.”

Adjusted earnings per share was 19.6 pence, down 39.9pc, according to interim results from the group, while it reported a loss before tax of £265.3m.

The group added that the results were “ahead of the expectations” set out in a trading statement issued in September.

The group also announced 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.

Earlier this month SSE Airtricity announced that it is to increase its household energy prices in Ireland from the start of December.

The standard price of electricity will increase by €1.18 per week, which adds an extra €61 to annual bills.

Meanwhile the standard price of natural gas will rise by €1.01 per week, which will see customers pay an extra €52.52 a year for their gas.

The move is in response to further rises in external costs in recent months, including increases in wholesale energy prices, as well as increases in electricity transmission charges, the group said.

At 30 September 2018, SSE Airtricity supplied electricity and natural gas to 700,000 household and business customer accounts in the Republic of Ireland and Northern Ireland, making it the second-largest provider of energy and related services in the combined market.

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