SSE announce profits of a staggering Â£2m a day
The second biggest energy provider in the UK has revealed profits of a staggering Â£2 million a day.
SSE, part of the Warm Home Discount Scheme, have revealed pre-tax profits of Â£397.5 million for the six months up until September - a figure 38 per cent higher than the Â£287.4 million it made in the same six months last year.
The company's retail arm also reported a first half operating profit of Â£75.7m compared to the loss of Â£101.4m it registered last year.
However, chairman of SSE, Lord Smith of Kelvin, has defended the huge profits his firm are making suggesting the market remained "challenging" and resultantly higher costs had to be "reflected in the increase in household energy prices."
He said: "While some observers may choose to criticise SSE for making a profit and paying a dividend, I believe that profit and dividend allow SSE to employ people, pay tax, provide services that customers need, make investments that keep the lights on and create jobs, while providing an income return that shareholders like pension funds need."
SSE was the first of the 'Big Six' suppliers to raise their prices as the winter months move in, upping their bills by nine per cent or around Â£119 to the average bill. A fee that nows stands at an enormous Â£1,354Â a year.
They have not been the only firm to raise prices however, with British Gas set to bump up prices this week by six per cent or around Â£80 to the average household.
Latest gas and electricity news brought to you by UK Power - the energy price comparison site.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.