SSE says negotiating sale of retail unit to Ovo Group

Source: SSE Plc

August 12 (Renewables Now) - UK utility SSE plc (LON:SSE) on Saturday said it is holding talks to sell its energy services business to Ovo Group, but noted that a final decision has not been made yet.

SSE stressed it will not comment any further on the discussions until they are finalised.

SSE Energy Services is a supplier of energy and related services to about 5.7 million household customers across Great Britain. The business has been held for disposal and has been accounted for as a discontinued operation as of March 31, 2019.

In June, Katie Bickerstaffe officially became the particular business’ executive chairman and she was joined by Gordon Boyd as interim chief financial officer. SSE said that their task is to deliver a new future for SSE Energy Services outside of the group and continue progress towards a listing or new ownership. The goal was to achieve one of the two by the second half of calendar year 2020.

SSE Energy Services was supposed to merge with Innogy’s (ETR:IGY) own retail business in Britain but the transaction was abandoned in December because the two parent companies could not reach an agreement on revised commercial terms.

As at June 30, SSE Energy Services had 5.71 million total energy customer accounts, down from 5.78 million as at March 31, 2019.

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription