Wednesday, 14 November 2012

Cold weather = high gas profits

Felt cold in the spring and early autumn? That's one reason why SSE (formerly Scottish & Southern) turned in a higher profit.

This is what they say in their half year results:

"Earning a sustainable profit in Retail
Return to profit in Energy Supply mainly due to significantly higher household gas consumption arising from colder weather
· Average GB household gas consumption up 27.9%; electricity consumption up 2.8%

Operating Profit in Retail, 6 months to 30 September
2012                                                                      2011
Energy supply £48.7m                                           (£133.7m)
Energy-related services £27.0m                              £32.3m
Retail segment operating profit  £75.7m                 (£101.4m)

The increase in consumption was in response to below average temperatures during the six months to 30 September 2012 compared with the same period in 2011, when the temperatures were above average.  According to the Met Office April in 2012 was the coldest since 1989 and September in 2012 was provisionally the coldest since 1994."

SSE's latest price increase kicked in during October, so didn't affect these profit figures.

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