News / Business by Press Association 22/05/2019, 10:19 am Send us a story Sign up to our Daily newsletter Energy giant SSE has pledged to offload its under-pressure energy supply business by mid-2020 after shedding more than half a million customer accounts. The Big Six supplier vowed to sell or float the energy services arm by the second half of 2020 and has appointed a separate board for the division, which will be headed by executive chairwoman Katie Bickerstaffe. It comes after SSE and rival npower called off their merger late last year, blaming tough market conditions and the Government’s price cap. SSE’s energy services business – which is now reported separately to the wider business – saw underlying earnings crash 68% to £89.6 million in the year to March after losing around 570,000 domestic gas and electricity customer accounts, to 5.78 million. The group was also hit by Ofgem’s move to cap the price of poor value standard variable tariffs. SSE admitted results for the wider business, not including energy services, “fell well short” of its hopes and warned 2019-20 earnings will also be hit. The group’s annual underlying pre-tax profits slumped 38% to £725.7 million. It said the new financial year will… Read full this story
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