(Updates throughout)
By Susanna Twidale
LONDON, Nov 13 (Reuters) - British utility SSE
reported higher first-half adjusted pretax profit on Wednesday
but warned of challenges for energy firms due to the UK election
next month and the opposition Labour Party's campaign to
nationalise energy networks.
SSE, one of Britain's 'Big Six' energy firms, reported an
adjusted pretax profit of 263.4 million pounds ($337 million)
for the six months ended Sept. 30, up from 229.4 million pounds
a year earlier.
The overall results did not include figures from SSE's
British retail arm, which SSE in September agreed to sell to OVO
Energy for 500 million pounds.
SSE said on Wednesday the deal, which is being scrutinised
by Britain’s Competition and Markets Authority (CMA), is on
track for completion in early 2020 subject to gaining regulatory
approval.
"SSE is progressing well in the execution of its low-carbon
strategy with the sale of SSE Energy Services leading to (a)
group more focussed on renewable energy and regulated
electricity networks," Chair Richard Gillingwater said in a
statement.
SSE's half year profits were buoyed by the inclusion of
around 110 million pounds of payments from Britain's capacity
market, which pays power producers to be available during times
of high demand.
The European Commission last month approved reinstatement of
the scheme, which had been on hold since last November after a
European court ordered the Commission to secure more details on
certain elements of the scheme, such as information on energy
consumers willing to reduce their consumption when needed.
The company, which plans to shut its last coal-fired power
plant by the end of March 2020, also called on the government to
increase renewable power targets in the country as part of
efforts to meet its climate coal of net zero emissions by 2050.
It said a moratorium on the development of new onshore
windfarms should be lifted and the country should seek higher
targets for offshore wind power.
($1 = 0.7815 pounds)
(Reporting by Susanna Twidale in London, additional reporting
by Muvija M in Bengaluru; Editing by Rashmi Aich and Susan
Fenton)
SSE (SSE)
