SSE in discussion with Ovo to sell its energy business in UK
SSE has also been fined £700,000 by Ofgem due to its inability to meet target smart gas meter installation in the previous year. SSE announced that it would float or sell its arm of energy services after the first half of 2020. SSE, an energy company in UK which has a base of almost 6 million customers is in talks for the sale of energy retail to Ovo Group, an energy supply company established in 2009 in Bristol, United Kingdom. SSE stated that it did not arrive at a conclusion about this deal yet. If the deal is successful, Ovo would be one of the giants for energy supply in UK, with an approximate number of 7.4 million customers, which has established in 2009. SSE unveiled about offloading its service after 500,000 household customers replaced their service with a new supplier last year. SSE announced that it would float or sell its arm of energy services after the first half of 2020. SSE is one of the top 6 energy suppliers across UK with approx. 5.8 million household customers. SSE stated that there are ongoing discussions and no decision has been taken and no agreements are made regarding anything. The company is focused toward having a future that is long-term for its business, its employees, its shareholders and the customers. Ovo declined to state anything on SSE’s statement. Sarah Broomfield, a USwitch energy expert stated that SSE had been searching for a fresh start for its retail energy business over the span of two years. Sarah added that if the agreement takes place then SSE’s customers would get to experience a different feel due to Ovo as it is at the forefront into latest technologies like electric vehicles and smart meters. SSE earlier stated that the company business didn’t rise up to its expectations in 2018-19 and might remain short in 2019-20 as well. SSE has also been fined £700,000 by Ofgem due to its inability to meet target of smart gas meters installation in the last year. Source Credit: https://www.bbc.com/news/business-49310574