SSE faces calls to cut prices after profits jump to £1.5bn

Alistair Phillips-Davies, SSE chief executive, dismissed the suggestion and pointed to its 3.5pc price cut, which came into effect on March 24.

“The last time we moved prices we did cut them,” he told BBC Radio 4’s Today programme.

“Prices did go up during November; we have seen significant increases in cost. In the retail sector profits are down 30pc, despite that increase,” he said.

SSE lost 370,000 electricity and gas customer accounts over the year, which Mr Phillips-Davies blamed on the “sheer amount of competition”.

The supplier raised its dividend by 3pc to 86.7p a share.

SSE’s group profit increase was driven by a 24.8pc jump in its wholesale energy business as new wind farms started producing electricity and it acquired new gas field assets.

SSE’s network business, which is funded through levies on consumer bills set by regulator Ofgem, saw profits rise 9.3pc to £955.4m.

Profits from the electricity transmission networks soared 47.6pc to £136.7m, which it attributed to “the major increase in investment” in new wires and pylon since 2010.

Gas distribution network profits soared 18.2pc to £276.6m, after it spent less than had been budgeted for by Ofgem to complete required works.

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