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SSE looks to contribute to governments’ debate

The fire at the firms Ferrybridge power station in West Yorkshire earlier this year.
The fire at the firms Ferrybridge power station in West Yorkshire earlier this year.

Perth energy giant SSE said it would seek to work with both the Scottish and UK Governments following the No vote in the referendum.

The group said it would contribute to the debate over the expected “redistribution of powers” in a constructive manner, alongside all other areas of public policy.

Bosses used a pre-close trading statement ahead of interim results due to be published in November to reveal how the company expects to report total investment of approximately £700 million in power networks over the course of the last six months.

SSE, which was hit by a major fire at its Ferrybridge power station in West Yorkshire earlier this year, said it remained on track to achieve its financial targets including an increase in the full-year dividend.

The group, which focuses on the full financial year given the fluctuating nature of the energy sector, expects an operating loss in its generation and wholesale business and a reverse in the energy supply arm of its retail division.

“We said at the start of the financial year that the issues facing the energy sector are very challenging, and that has proved to be the case,” said finance director Gregor Alexander.

“Energy is a long-term business, however, and we are confident that focusing on positive engagement with our retail and networks customers, maintaining a strong operational focus and investing in the right assets, is the right approach.

“The challenges are unlikely to abate in the second half of the financial year but our continuing operational and financial discipline should enable us to meet the needs of customers and provide a fair return to investors.”

Shares closed Monday up 1.1% at £15.39.