Energy firm sees 38 per cent hike in profits
Energy 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."