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Nov 25 (Reuters) - British power firm SSE has
created a Swiss holding company for its electricity distribution
and transmission businesses, it said on Monday, in a move seen
as a safeguard against nationalisation plans should the Labour
Party win next month's general election.
The deal involves the transfer of shares to the new holding
company, it said.
"This is intended to support long-term investment in low
carbon infrastructure in SSE's core businesses - there are
no profit or tax advantages and it is fully consistent with
SSE's commitment to fair tax," the company said in an emailed
statement.
The Sunday Times newspaper reported over the weekend that
power suppliers National Grid and SSE were shifting
ownership of their British operations into offshore companies to
protect against Labour leader Jeremy Corbyn's threat of
cut-price nationalisation.
National Grid did not immediately respond to a Reuters'
request for comment.
SSE warned this month of challenges facing energy firms due
to the Dec. 12 election and opposition Labour Party plans to
nationalise some energy infrastructure.
A Survation poll over the weekend showed 41% of respondents
said they would vote Conservative versus 30% for Labour.
(Reporting by Yadarisa Shabong in Bengaluru; additional
reporting by Muvija M; editing by Jason Neely)
