Cheap energy suppliers post 6% fall in half-year profits - 10/11/2010
Energy suppliers Scottish & Southern Energy have announced a fall of 6.1 per cent in half-year profits to £385.5 million.
The cheap energy company, which is the second-largest in the UK, was the first supplier to increase gas prices for its 9.3 million customers this year and said profits have been affected by the ongoing economic situation.
Company chair Lord Smith of Kelvin commented: "The past six months have not been easy, with low renewable energy output and higher wholesale gas costs contributing to a challenging business environment."
He mentioned that Scottish & Southern Energy's key financial objective is dividend growth and noted that the firm is on course to meet its target of a two per cent real increase for 2010-11.
Last month, the supplier announced it will be raising prices for its cheap gas customers from December 1st 2010 following increased costs of wholesale gas.
If you want to find out more about switching energy suppliers and how you could save up to £468 in minutes, click here.
Save up to £300 on your gas & electricity bills at energyhelpline.com
Compare prices from all energy suppliers to find your best deal