Unite boss slams SSE’s ‘outrageous’ £2.6bn profits

The boss of one of the UK’s biggest unions has slammed the £2.6 billion profit announced by SSE Energy as “outrageous”.

In its annual results, SSE recorded a profit of £2.6 billion for the year ending 31 March, which compared to a loss of £146 million in 2022/23.

Adjusted earnings per share was down 5% at 158.5 p, which the company said was at the ‘top end’ of guidance.

Over the same period, the company reported investment of £2.5 billion, 12% below the 2023/24 figure of £2.8 billion.

SSE Renewables contributed the biggest share of profits (£833 million), taking over from the company’s thermal and gas storage, which saw its contribution drop from £1.24 billion in 2022/23 to £818 million last year. The operating profit of SSE’s transmission and distribution networks were down to £691 million from £755 million last year.

SSE said that the growth of profits in the renewables business reflected a combination of the company’s Seagreen offshore wind coming fully on stream and higher hedged prices.

Responding to SSE’s profit announcement, Unite general secretary Sharon Graham said: “SSE’s outrageous profits today show that profiteering is absolutely rampant in the UK economy when working people are still struggling to pay the mortgage and put food on the table.

“Unite’s latest profiteering report calls out this disgraceful practice for all to see and shows how utility companies are siphoning money away from workers and straight into the pockets of shareholders and directors.

“It is about time energy production was brought back into public ownership so that costs can be kept down for British manufacturers and customers ensuring a fair deal for all.”

SSE said that delays to Dogger Bank A will impact the timetable for the second phase B of the North Sea offshore wind farm, which is not expected to be completed until early 2026.

But it said that the installation of Dogger Bank B’s wind turbine monopiles has begun

Alistair Phillips-Davies, SSE Energy’s chief executive, said: “This is a strong performance where we have delivered essential energy infrastructure, benefited from the resilience of our business model, and made disciplined investment in our excellent growth opportunities.”