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Daytradenovice I am doing the same with the small claims court. cant loose :-)
Am having the exact same trouble Denby.
Solicitors letter going in tonightsnpost to CEO Stephen Fitzpatrick @ Bristol, after waiting 9 months for payments. If elicits no payment within two weeks then small claims court paperwork going in.
Why get solar Panels when SSE/OVO are WITH HOLDING the fit payments Perhaps SSE can tell me if they answer the PHONE or answer the e-mails I have sent them THEY are in breach of their terms and conditions ??
Sounds like energy companies investment is a no brainier after the UK government gave them to green light to charge customers what they like to cover expenditure over next 5yrs.
Though, really not sure i want to invest in the UK government indirectly with SSE or NG…?
I have held NG from 2002 to 2015.
From a consumer point of view it sounds fair though. The whole point of a *windfall* tax is to share around the *excess* profit that’s an unplanned and unbudgeted product of circumstances. As both a shareholder and a consumer I feel conflicted but listening to the interview on Today I couldn’t help but think he was being a bit disingenuous, and he wasn’t even pressed on that specific point. Anyway as he said the devil will be in the emerging detail; SSE have certainly been doing a decent job of getting their message across, given that most consumers lump all energy producing and distribution companies into the same evil boat with no idea how it all works.
an understandable consequence of punitive taxation. if the UK government continues to pick the pockets of successful businesses they will stifle investment.
BBC News - Energy company to review green projects after levy
https://www.bbc.co.uk/news/uk-63687512
But Alistair Phillips-Davies, the CEO of SSE, said while the company believes in "paying their fair share" in taxes, the decision "is going to take money away from us".
He told the BBC's Today programme: "We still want to spend, we still want to invest but this windfall tax is going to hit us.
"It's going to take money away from us, and therefore we won't have as much to invest."
Asked whether the company will have to review some of its key investments, the CEO said "there is no doubt".
"To say that imposing a 45% windfall tax on some areas of our business will not impact investment plans is nonsense," he added.
That says it’s not the number of panels as such that is the issue: “For DNO permission, the system approval is based on the rating of the inverter. Prior permission is not needed for systems with an inverter up to or under 3.68kW for a single phase supply or 11.04kW for a three phase supply, as you will be generating at or below 16A per phase.”. Anyway, interesting but rather off topic!
NN
Its a typical limit, otherwise you need DNO approval, you may also have problems with the additional load on the roof.
Check out the following https://blog.spiritenergy.co.uk/homeowner/how-many-solar-panels-allowed
Yes we were just quoted - for installing 8 panels (small useable roof area) - but @ 400W.
Don't think that is correct Bobf. Plenty of houses in my 'hood have more than 16 panels. 200 watts each is also very low. More like double that. Maybe it was a rule that no longer exists. Was hoping for some news on domestic installations in the autumn statement, but was disappointed.
SSE Renewables profits in the six months to September fell from £25.4m to £22.5m a reduction of 11.4%, with “wind volume lower than expected…” pulled out again. Renewables made up 3% of the Group’s Operating Profit of £716m. It would be interesting for shareholders to have visibility of SSE’s Renewables Return On Invested Capital (ROIC). It would be great for the CEO to be honest with investors on the investment returns on each part of the business.
lol, adjusted results are the real results, the reported results of 1/2 Billion are just accounting reconciliation of derivative contracts. Results were indeed excellent, although Seagreen delay is costing us
Really! Half a Bn loss due to increased costs doesn't strike me as excellent? Tax and rebase of dividend making this less attractive.
Excellent half year results but all depends on Hunt.
SSE WHY ARE YOU NOT PAYING THE FIT PAYMENT PROMPTLY AS OTHER COMPANIES DO ???
As much as I feel sympathy for the effect of energy bill rises on my poor Brits, I simply can't accept the premise of a windfall tax on "excess profits". Profit is by definition an excess! Surely they would be better served by saying unless you guarantee a large investment in the UK then we will tax you more. Windfall taxes have the opposite effect of disincentivising investment and driving it overseas. IMO SSE should now focus more on its EU, US and Japan expansions until UK PLC becomes a sane place to do business.
Jeremy Hunt is preparing a raid on electricity generators with a new tax on their “excess returns” as he tries to find money to pay for an inflation-linked rise in benefits and pensions while extending help for households with energy bills.
The chancellor will also use Thursday’s Autumn Statement to lift the existing windfall tax on oil and gas companies, known as the “energy profits levy”, from 25 per cent to 35 per cent — while extending it for another two years until 2028.
The government had been considering a “revenue cap” on electricity generators in line with a similar move by the European Union.
However, Hunt is now preparing a tax of 40 per cent on the “excess returns” produced by the sector above a certain price per megawatt hour, according to people close to the discussions. That threshold has not yet been decided.
The combination of the two windfall taxes is expected to generate more than ÂŁ45bn over six years, although the final figure will depend on energy prices.
That is much more than previous Treasury forecasts of ÂŁ28bn over four years for the energy profits levy. The Treasury declined to comment.
NervousNelly
Just a quick observation you are only allowed 16 panels X 200watts = 3.2KW on you roof. I agree the FIT doesn't make the high costs viable. The next KWH / rate is going up from 42p to 60p. For an average domestic user solar panels coupled with a storage battery will become a possible option.
Still
Pretty far off previous highs, time will tell if we see them in the next 12 months or so . GLA
Not sure that they don't pay their debts Denby, but FIT's are s national disgrace. Every other tariff is just as bad. If they'd sort this out and pay minimum 50% what they charge per kwh then I'd be on board. My roof will take 39 south facing panels, but I'll be fcked if I'm forking out ÂŁ20K for the power companies to be the main beneficiary with no contribution from them. Great business model for them though - get someone else to lay out all the capital & take all the risk while you reap the rewards.
I'm no tree hugging green, but stop burning gas to generate electric & use what we have. FFS.
Not ready for the battery option yet either.
With all the money that SSE make.
WHY does it not pay the FIT payments that is should PAY to homes with PV Panels ?????
WHY WHY WHY SSE. ??????
Rebased Div still 4% at ÂŁ15, which is below long term average for SSE but I think you can make the argument that SSE is materially a different company since the selling of the retail side of the business. The government reform of the energy market is actually a good thing for everyone involved, the ROC would have cost the Government a crazy amount of money this winter. CfD makes more sense for investment decisions, what doesn't help is the whole messaging of the reform. They need to guarantee high CfD prices for the next decade and stop dithering about. SSE debt has YtM of 7 years at 4% so not overly worried about this as the interest is fixed and they have set out proposals to sell 25% of transmission and distribution businesses. IMO only legitimate reason to worry is Government incompetence and that the wind stops blowing :D
Hi big_CHENGUS,
You say:-
"Historically anything sub 1500p is a bargain for long term holders. Dividend isn't bad at 5-6%.".
I admire your enthusiasm, but would like to inject some realism.
I hope you're aware that SSE announced nearly a year ago that as part of its strategy it will be "re-basing" (ie lowering!) its dividend to 60p in year 23/24. See their RNS announcement of 17 Nov 2021, "Net Zero Acceleration Programme". To then still get a 6% yield the share price would have to fall to about ÂŁ10. That factor has been discussed widely on this board over the last few months. Furthermore, we have the cloud on the horizon as to what will be the Government's final proposal regarding "reform of the energy market", with talk of energy price capping even for renewable generators, such as decoupling prices for renewable-generated electricity from gas prices. Then you have the increasing cost of servicing debts with the rises in interest rates. And you have uncertainty as to what will be the political priority regarding "green energy" vis-a-vis further investment in fossil fuels, with a government where one doesn't know who will be in place from one day to the next, as we have seen today!
All that said, I have had a holding in SSE for nearly 20 years, and it has been one of my best long-term share investments.
All the best, Mike.