Rise in pre-tax profits at SSE

SSE, the London-listed utility company, has posted a 48% rise in half-year pre-tax profits to £548.8 million.

All three segments of the Perth-based firm – wholesale, networks and retail – made a profit during the opening half of the financial year.

Chief Executive Alistair Phillips-Davies said: “We’ve had a solid start to the financial year but half-year profits are only half the story.

“There are many variables in energy and so they should be treated with caution – that’s why we focus on full year results.”

> See SSE's interim statement

National Grid mulls gas business sale

National Grid has unveiled plans to sell a majority stake in its UK gas distribution business.

The company said that it had created “significant” value in the business and that it wanted to deliver a “higher asset growth profile” for shareholders.

The sale is likely to be completed in early 2017, the firm added.

> Read National Grid's announcement

Greencoat looks to raise £50m

Greencoat UK Wind, the London-listed renewable energy infrastructure fund, has announced plans to raise £50 million through a share placing.

Chairman Tim Ingram said: “We are currently working towards a particular acquisition on an exclusive basis.

“It is expected that the proceeds of the placing would be used to part-fund this investment.”

> View Greencoat's announcement

Apple to back Irish wave initiative

American consumer electronics giant Apple has unveiled a €1 million fund to finance the testing of wave energy devices off the coast of Ireland.

Apple has worked with the Sustainable Energy Authority of Ireland (SEAI) on the scheme at the Galway Bay Ocean Energy Test Site.

Irish Energy Minister Alex White said: “The west coast of Ireland is recognised as having some of the best wave resources in the world and I warmly welcome this agreement between Apple and SEAI to help harness this renewable source of energy.”

> See SEAI's statement

EDF agrees to Dorenell wind deal

French power company EDF has sealed a deal to build the Dorenell wind farm near Dufftown in Moray in partnership with site developer Infinis.

Infinis is applying to Scottish ministers for planning permission to alter the existing consent for the 59 turbine project.

If approval is given then the wind farm will be able to produce 200MW of power instead o 177MW thanks to the use of more efficiency turbines.

> Read EDF's announcement