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SSE announced huge 9.6% profit increase

Energy firm SSE have announced a 9.6% rise in pre-tax profits. This will further fuel the heated debate over whether the UK energy market is properly working for customers or just the energy firms themselves. It turns out that SSE was the first to raise prices back in November by 8.2% and the last to cut them in late March following the tax reduction announced last December.

Many customers are asking themselves today where this increased profit came from and could it be down to SSE being the first to raise prices and then last to drop them!

SSE customers are voting with their feet in their hundreds of thousands. Over 370,000 customers have left the company in the last year alone. When you compare their standard tariff to the cheapest on the market, this comes as no surprise. The SSE Standard tariff is almost £200 a year higher than the cheapest tariff available. If you are with SSE you will want to consider whether you would prefer them to have the extra £200 in their pocket or whether you'd prefer to have it in yours. If you would prefer it in yours, the way to get it is to switch.

These results also show that the exodus from big energy suppliers to smaller ones continues. In fact, around a million customers have left big suppliers for smaller suppliers since the price rises in the autumn and three quarters of customers currently switching through energyhelpline are opting for smaller suppliers.

In a privatised market, the cold reality is that the primary objective for an energy supplier is to make profits, and as a customer you can only get a low price by switching reasonably regularly.

Customers need to take control and vote with their feet through switching to the cheapest tariff available. Switching tariffs can save people well over 20% on their bills. It only takes five minutes so don't take the gamble and wait.

Created: 28th May 2014, Last Modified: 7th Dec 2018, Switchomatic

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