SSE Price Hike: What does it Mean for Investors

Energy provider Scottish & Southern Electric is to raise gas and electricity prices by 8.2% - prompting politicians to urge customers to leave the company

Emma Wall 10 October, 2013 | 11:57AM

SSE has raised gas and electricity 8.2% - prompting energy minister Michael Fallon to urge customers to leave the utility provider. 

The minister said that households should instead switch to another provider and that he was "disappointed" with SSE (SSE) for the proposed hike - which will affect 7.3 million customers and mean the average annual standard bill will rise from £1,354 to £1,465. According to Moneysupermarket.com the energy giant has increased prices by £227 over the past year. 

"The best answer here is more competition. I would encourage customers to look at the tariffs they are on, and see if they can switch. That competition is best," Fallon said.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
SSE PLC1,335.50 GBX0.60

About Author

Emma Wall  is former Senior International Editor for Morningstar

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