SSE's earnings inched lower last year in tandem with energy prices due to reduced market volatility. The energy business, formerly Scottish and Southern Energy, revealed its adjusted operating profits fell by about £100million to £2.4billion in the year ending March 2024. This was driven by its thermal and gas storage division, where profits plunged by around a third to £818.9million amid a normalisation in energy commodity prices. Weaker result: SSE, formerly Scottish and Southern Energy, revealed its adjusted operating profits fell by about £100million to £2.4billion in the year ending March 2024In the previous year, the division's profits almost quadrupled as the Ukraine war and loosening Covid-19 restrictions sent oil and gas prices soaring. The firm's renewables segment also scored a stronger result, thanks to higher power prices and operating capacity offsetting falling wind speeds across Scotland.

Source: Daily Mail May 22, 2024 22:52 UTC