SSE may cut power supplies for homes

ENERGY giant SSE is considering getting out of its residential supply business amid looming price caps.

The firm, which supplies gas and electricity to about 8m homes, has been discussing plans to sell customer accounts or spin off the business as a separate listed company, according to the Sunday Telegraph.

Almost £1bn was wiped off the stock market value of energy firms last month when Prime Minister Theresa May announced plans to cap bills – which have reached an average of about £1,200 a year – estimating it could save customers on standard variable tariffs around £100 a year.

However, SSE makes far more of its profits from generating electricity and running pipes and cables than from its residential power supply. A source said: ‘At this stage, the business is more trouble than it’s worth.’

SSE declined to comment last night.