SSE has set a target of the second half of 2020 for disposing of its U.K. residential retail energy supplier, which has suffered significant customer losses

A separate board has been established for the residential supplier, SSE Energy Services, with Katie Bickerstaffe named as the new executive chair of SSE Energy Services

Bickerstaffe was installed with, "a mandate to deliver a new future for the business outside of the SSE group and continue progress towards a listing or new, alternative ownership by the second half of 2020," SSE said

Bickerstaffe will work closely with Stephen Forbes and Tony Keeling, who, having run the business since 2017 as Co-Heads, are confirmed as Managing Directors and will join the new Board as well as being key members of a new Executive Committee, SSE said

"SSE has also held further positive discussions with third parties about the provision of collateral and trading facilities for SSE Energy Services. Such a deal would further increase SSE Energy Services' independence from the SSE group by enabling it to trade and operate on a standalone basis as required. It currently relies on the SSE group's credit rating and procures energy through SSE's Energy Portfolio Management division," SSE said

SSE Energy Services reported a reduction in profit due to its decision to absorb some of the impact of higher wholesale prices for customers in 2018, the effect of the default tariff cap from January to March 2019, and lower customer numbers.

"However, unlike many competitors, it remains profitable and cashflow positive. It also continues to perform strongly on a range of key customer service metrics, ranking second of 34 suppliers in the Citizens Advice energy supplier performance league table," SSE said

See the stories below for more

News release

SSE aims to offload retail energy business by second half of 2020

SSE abandons home energy market after customer exodus

Tags:
U.K.   SSE   SSE Energy Services  

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