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Share Price: 1,672.50
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Ask: 1,685.00
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SSE to pay over £0.7m after overstating feed-in tariff costs

Wed, 27th Feb 2019 09:38

(Sharecast News) - SSE will pay more than £0.705m to the feed-in tariff levelisation fund and in redress, it was announced on Wednesday, after the energy supplier overstated to Ofgem the costs it incurred through making feed-in tariff payments to eligible low carbon generators.As a result, the FTSE 100 company received £4.07m more in payments from the annual levelisation fund than it was entitled to.SSE reported the error to the regulator, Ofgem, and had paid back the overpayment.It had agreed to pay a further £455,705 in interest to the feed-in tariff levelisation fund, and also agreed to pay £250,000 to Ofgem's voluntary redress scheme to help support vulnerable customers."An independent audit has been carried out to identify the causes of the error," Ofgem said in its statement."It recommended actions to improve SSE's feed-in tariff reporting processes and reduce the risk of future non-compliance, which SSE is currently implementing."SSE was now required report the outcomes of the changes to Ofgem."Ofgem has now closed this compliance case without taking enforcement action, taking into account the steps SSE has taken to address its failings and the redress it has agreed to pay."
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22 Nov 2022 07:54

LONDON BRIEFING: FTSE 100 called higher as oil prices firm overnight

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22 Nov 2022 07:15

RBC Capital upgrades SSE on windfall tax clarity

(Sharecast News) - RBC Capital Markets upgraded SSE on Tuesday to 'outperform' from 'sector perform' and lifted the price target to 2,050p from 1,825p as it pointed to clarity over windfall taxes.

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21 Nov 2022 10:09

LONDON BROKER RATINGS: Panmure and Goldman Sachs cut boohoo from 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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19 Nov 2022 22:00

Sector movers: Power generators boosted by Autumn Statement, Oil and Gas drag

(Sharecast News) - Interest rate sensitive construction and utilities shares paced gains at the end of the week following the Chancellor's well-received Autumn Statement the day before.

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18 Nov 2022 12:21

Barclays sees 'compelling value' in UK utilities after Budget clarity

(Sharecast News) - Barclays said on Friday that the "energy tax overhang" was gone, as it welcomed the clarity brought by Chancellor Jeremy Hunt's announcement on windfall taxes in this week's Autumn Statement.

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18 Nov 2022 09:49

LONDON BROKER RATINGS: Goldman Sachs raises Tritax Big Box to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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17 Nov 2022 18:27

UK hits power firms with windfall tax, hikes oil company levy

Windfall tax on oil and gas companies rises to 35%

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17 Nov 2022 17:16

UK shares slip after Hunt's new budget raises taxes, squeezes spending

Jeremy Hunt hikes taxes, squeezes spending

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17 Nov 2022 17:01

LONDON MARKET CLOSE: FTSE 100 ends lower despite post-budget rebound

(Alliance News) - London's FTSE 100 made a stellar recovery in the final hours of trading after suffering early afternoon malaise in the wake of the Chancellor's autumn statement.

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17 Nov 2022 15:08

UK power companies up after budget keeps energy cap to 2024

LONDON, Nov 17 (Reuters) - London-listed power generators shares rose on Thursday after British finance minister Jeremy Hunt said the average household energy bill would rise and kept a price cap until 2024.

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17 Nov 2022 13:49

Britain targets energy efficiency with consumption cut goal

LONDON, Nov 17 (Reuters) - Finance minister Jeremy Hunt said he wanted Britain to cut its energy usage by 15% by 2030 to help reduce bills, catching up with European neighbours which are already prioritising measures to counter spiralling prices.

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17 Nov 2022 13:01

UK's Hunt says average household energy bill to rise, keeps cap

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt said the cost of an average household energy bill would rise to 3,000 pounds ($3,555) a year from April after he reined in the scale of support for gas and electricity, but kept a price cap until 2024.

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17 Nov 2022 12:52

Sterling, UK bond prices edge lower as Hunt outlines tough budget

LONDON, Nov 17 (Reuters) - Sterling and government bond prices fell on Thursday after British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a tough budget plan.

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17 Nov 2022 12:42

Energy firms resilient as Hunt announces new windfall taxes

(Sharecast News) - Shares in energy firms initially slumped on Thursday after Chancellor Jeremy Hunt outlined new windfall taxes in his Autumn Statement, but prices quickly recovered.

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