Board structure of new energy giant takes shape

Power firms SSE and innogy have made a second key appointment as they look to establish a major new player in the UK retail energy market.

The pair are pursuing a multi-billion-pound mega merger of their domestic supply businesses in the UK.

The move is subject to an in-depth Competition and Markets Authority review but work to flesh out how the new business will be shaped has continued in expectation of the green light being forthcoming in late 2018 or early next year.

In April, Katie Bickerstaffe was named as chief executive designate of the group.

Former British Energy, EDF Energy, Drax and Infinis executive Gordon Boyd has now been added to the team in the role of chief financial officer.

SSE chief executive Alistair Phillips-davies said: “This appointment represents another important milestone on the journey to establishing a new, independent player in the British energy supply and services market.

“Gordon brings to the role a wealth of highly relevant experience, which will be invaluable as we prepare to bring the new company to market and beyond.”

Mr Boyd said: “This is an exciting time to be planning the formation and listing of a major new player in the energy and services market.”

He added: “The new company presents a unique opportunity to apply best practice from both companies whilst becoming more efficient, ultimately to the benefit of both customers and shareholders.”

If approved, the combined retail company will have its own listing on the London Stock Exchange.

innogy will hold a minority stake of 34.4% while SSE will demerge its stake of 65.6%to its shareholders upon completion of the transaction.