Posted on: 18/09/2018
SSE sees shares fall after disappointing results
Shares in SSE fell after the energy company issued a profit warning.
The company said that the hot summer, higher gas prices, and the looming price cap on standard variable tariffs had dented its performance.
Chief Executive Alistair Phillips-Davies admitted: “Lower-than-expected output of renewable energy and higher than expected gas prices mean that SSE’s financial performance in the first five months has been disappointing and regrettable”
London firms pledge to cut carbon
The Mayor of London, Sadiq Khan, is working with nine London businesses to help meet his target for London to become a zero carbon city by 2050.
The group will commit to reducing carbon emissions from their London-based business operations above and beyond national targets,and will share new ways of sustainable working. They will also use their joint influence to encourage other London businesses to do the same.
Scotland’s first utility-scale battery commissioned
The Renewables Infrastructure Group (TRIG) has switched on Scotland’s first utility-scale battery at Broxburn near Edinburgh.
The 20MW was installed by civil contractor NRS Group as part of a £1.5 million construction contract.
Rachel Ruffle, Managing Director at RES, said: “The use of energy storage will allow for a greater penetration of renewables and can avoid costly grid upgrades.”
Atlantis unveils new tidal turbine
The world’s largest single-rotor tidal turbine has been unveiled by SIMEC Atlantis Energy.
The turbine will have a maximum output of 2MW.
It took two years to develop the turbine, which is expected to be used at the firm’s MeyGen project off the north coast of Scotland and will go on sale in 2019.
Ofgem to appoint Octopus as supplier of last resort
Octopus Energy has been named by Ofgem as the “supplier of last resort” for customers of power company Gen4U, which has ceased trading.
The energy regulator said: “Customers do not need to worry, they will continue to receive energy supplies as normal and credit balances will be protected.”
Gen4U had about 500 domestic customers.