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The electricity generator and network company SSE has reported a more than tripling of profits thanks to soaring energy prices – a day before the government is expected to expand a windfall tax on the power sector.
The company, which is based in Perth, Scotland, and runs gas-fired power stations alongside hydroelectric plants and windfarms, reported a 221% increase in adjusted pre-tax profits year on year to £559m in the six months to the end of September
SSE, which has benefited from an increase in gas prices in the UK since Russia’s invasion of Ukraine, has upgraded its full-year profits forecast several times this year.
The publication of the soaring financial performance at the firm, which in May significantly upgraded its profits forecast for this year, comes a day before the chancellor, Jeremy Hunt, is forecast to announce a 40% windfall tax on “excess returns” being made by electricity generators.
