Scottish & Southern Energy announce pre-tax profits of £1.55bn for the year to 31 March.
In a time when customer bills are being constantly increased, the energy giant and member of the Big Six announced a significant increase in profits during what it called a “challenging” time for the sector.
Earlier in the year, the company announced the longest energy price freeze of its kind ever seen, possibly pre-empting any backlash this announcement might have created. SSE’s domestic prices are frozen until 2016.
The company said profits were up due to its transmission business improving, and also noted that it expects to lost £100m in profit over the next year.
Increased switching between suppliers has actually caused SSE to lose 370,000 customers, but profits still rose dramatically during that time.