SSE, the FTSE 100 utilities giant, has reported a year-on-year increase in the number of its electricity and gas customer in Great Britain and Ireland, from 9.55m to 9.66m, for the three months to the end of June, boosted by the 130,000 customers gained through the completed acquisition of Phoenix Holdings last month.
The average consumption of electricity by SSE's household customers in Great Britain during the quarter increased by almost 6.0%, while average consumption of gas by SSE's household customers increased by 42%, reflecting cooler weather conditions. However, on a weather-corrected basis, there was an underlying reduction of 2.5% in average household gas consumption and no underlying change in average household electricity consumption.
The total electricity output from gas-fired and coal-fired power stations was 5,690GWh, compared with 9,905GWh, reflecting planned outages at Keadby and Medway power stations and the total electricity output from renewable sources (conventional hydro electric schemes, onshore wind farms and dedicated biomass plant) was 1,331GWh, compared with 1,325GWh.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said the amount of replacement and reinforcement gas mains laid by Scotia Gas Networks during the three month period was 304km, compared with 263km the same period the previous year, while the number of customer minutes lost in both the Southern Electric Power Distribution area and the Scottish Hydro Electric Power Distribution area was 17, compared with 16 in both during the same period last year.
The company said its total recordable injury rate per 100,000 hours worked was 0.13, compared with 0.11 during the 2011/12 year as a whole.
SSE also said its onshore wind farm capacity in operation has increased by 50MW to 1,353MW as a result of progress at the Clyde wind farm development, while commissioned offshore wind farm capacity (net) has increased by 69MW to 256MW as a result of the completion of Walney and ongoing construction progress at Greater Gabbard, where 137 of the 140 turbines have now generated electricity.
Ian Marchant, Chief Executive of SSE, commented: "SSE has made a solid start to this financial year, with good progress in operations and investments. Energy market conditions are challenging however, with upward pressures on the cost of supplying energy, and are expected to remain so for some time. This means SSE's twin focus must continue to be the achievement of operational excellence, especially in customer service, and appropriate returns from investments in order to achieve our continuing goal of sustained real dividend growth."
The share price rose 1.24% to 1,310p by 09:30.
NR
-
From old clocks to vintage dolls worth thousands – are you sitting on a fortune in your attic?Many of us are guilty of hoarding things in the loft, but, from coins and vintage jewellery to war memorabilia, your attic could hold items worth thousands of pounds. We look at how much they could sell for
-
RICS: Housing market subdued in May but outlook brightens as sales stabiliseThe property market lost momentum after April’s stamp duty hike, but sentiment is improving
