SSE pulls plug on homes

ENERGY firm SSE has vowed to stop supplying households next year, after losing more than half a million customers.

The Big Six supplier, based in Scotland, saw the number of accounts in its energy services division slide from 6.8m to 6.25m in the year to March.

SSE called off the merger of its household energy division with Npower last year, blaming tough market conditions and the price cap on energy bills.

It is now aiming to sell this energy supply business by mid-2020 and warned of an uncertain outlook due to Labour’s plans to nationalise Britain’s energy networks.

Shares slid by 3.5pc, or 37p, to 1008p after performance tumbled. Adjusted profits, which left out £1.1bn it made from selling bits of its business, slid 38pc from £1.2bn to £726m. A large chunk was due to a £285m loss in the energy portfolio management division, which ensures SSE has enough fuel to meet customers’ needs.

High gas prices and a hot summer last year meant less energy than normal was generated from renewable sources.

Chairman Richard Gillingwater said: ‘While our financial results clearly fell well short of what we hoped to achieve, we’ve made significant progress towards our ambition to be a leading energy company in a low-carbon world.’