Energy firm sees 38 per cent hike in profits

November 14th, 2012 5 Comments By Mof Gimmers

20050820052737Energy Arc central electrode of a Plasma Lamp 300x235 Energy firm sees 38 per cent hike in profitsEnergy firms, who have been getting away with murder for too long, have been very happy about the profits they’ve been making and the latest thrilled to bits is SSE who have hit customers with a 9% bill rise, are crowing about a 38% jump profits to nearly £400m for the half year.

SSE (Southern Electric, Swalec and Scottish Hydro) is the second largest electric company in the UK and they’ve announced these profits amongst the backdrop of a whistleblower who alleges that power companies are manipulating wholesale prices (which everyone is denying, of course).

SSE chairman Lord Smith of Kelvin said: “I believe that profit and dividend allow SSE to employ people, pay tax, provide services that customers need, make investments that keep the lights on and create jobs, while providing an income return that shareholders like pension funds need.”

Caroline Flint, Labour’s energy spokeswoman, said: “People will not understand how the energy giants can get away with inflation-busting price rises this winter when their profits are already increasing.”

Comments (5) Jump to most recent comment
  1. Posted by spencer November 14, 2012 at 1:27 pm

    FWIW…. I think most people can understand EXACTLY how the energy giants can get away it….

    Large brown envelopes. The industry is absolutely rife with it. And we all know that OFGEM who are currently swaggering about threatening the ‘full force of the law’ because of the price fixing thing going on are just making it worse. Any fines they impose are just going to be met by an increase in our bills.

    This is exactly why I refuse to vote. Surely, in a democratic society, we the people should decide, that we don’t want to have to pay for company dividends, swollen director bonuses and shareholders profits on top of our energy bills?

  2. Posted by Andrew November 14, 2012 at 2:45 pm

    The energy market is broken.

    End of.

  3. Posted by Mr W Blower November 14, 2012 at 3:19 pm

    If most countries have a national debt – who is the debt owed to?
    If the banks were in financial trouble, who were they oweing money to?
    If a comapny doesnt earn as much or more profit than the previous year – why is this a bad thing?

    Well, in a nutshell there are some pretty rich people and countries out there that wish to remain unknown – these people invest when it suits them and pull their money out when they are not making enough.

    This VERY SMALL percentage of the worldwide population is unfortunately the cause of the 99.999% of problems in the world, but we are like sheep and continue to use services from them…

    Vodafone, Starbucks, Amazon etc etc etc.. and in fact ANY public company that is on the STOCK MARKET can be exploited by this small percentage of “Dont give a crap” people.

    Until, we stand up and refuse to spend our money with companies that have no ethics – we will all suffer in the long run. I am guilty of not changing my ways too… I still buy Apple products and shop at stores that close outlets if they make less profit than they did the previous year.

    There is only one way we can realistically fight this mess… and that is to hold the governments accountable for not changing the laws to protect citizens. Slowly, the world is waking up and starting to ask questions – the UK political system (all parties) are realising that if they investigate and get to the bottom of these issues, then we may just vote for them.

    The world is a mess, but at least we can occasionally prove that the small minority of people are abusing the majority – The energy market is about to change, I’d like to see the government run an energy company which was operated NOT FOR PROFIT.

    Sorry for the rant, but a few of these ideas/thoughts are true.

  4. Posted by Chewbacca November 14, 2012 at 6:42 pm

    The conspiracy theorists are out in force today, I see.

  5. Posted by Yue November 14, 2012 at 9:27 pm

    Hey, let’s privatise something else. The rich will struggle this winter you know.

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