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08.11.2017 10:32
SSE and Innogy in talks to merge UK retail energy supply businesses
AUTHOR: publics.bg


  • © Lester Guijarro, flickr.com

British utility SSE and German rival Innogy are in talks about merging their UK retail energy businesses to create a company that would challenge British Gas as the country’s largest power supplier, Reuters reported.

A tie-up would come at a time when Britain’s established energy companies are losing market share to smaller challengers and face the prospect of a government-imposed cap on prices.

In the UK retail electricity market, SSE has a 14 percent market share and Innogy through its supply business npower 9 percent. The combined 23 percent would just top Centrica-owned British Gas’s share of 22 percent, data from regulator Ofgem shows.

For the retail gas market, SSE has an 11 percent market share and npower 8 percent, with Centrica on 33 percent.

Britain’s energy market is dominated by the so-called “big six” of British Gas, SSE, Iberdrola’s Scottish Power, npower, E.ON and EDF Energy, which account for about 85 percent of the retail electricity market, Reuters reminded.

According to an industry source, the consolidation theme is on everyone’s radar and the companies have to think about what to do in Britain and whether going it alone still makes sense.

Last month, the government asked the energy market regulator to come up with price caps on consumer gas and electricity prices for millions of households which will initially last until 2020.

When introduced, which is not likely until next winter at the earliest, it would be the biggest energy market intervention for 30 years.

Utilities have criticised the move, with some saying it would hit competition and others saying standard variable tariffs (SVTs) should be scrapped altogether.


TAGS: UK | electricity | gas | retail market | consolidation | SSE | Innogy 


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