Profits Slump After Company’s Wind Turbines Stopped Turning During Summer Heatwave

More than £1 billion was wiped off the value of one of Britain’s largest energy suppliers after it admitted its wind turbines ground to a halt during the summer heatwave.

SSE, which supplies electricity to 3.8 million households, said profits would be far lower than expected after the warm, still weather dented output from its wind farms.

It warned investors that profits for the half-year would be 50 per cent lower than the £586 million reported last year.

Higher wholesale gas prices and customers not switching on the heating also contributed to the slide.

Shares in SSE fell 8.2 per cent, cutting the company’s stock market value by £1.05 billion to £11.6 billion.

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The post Profits Slump After Company’s Wind Turbines Stopped Turning During Summer Heatwave appeared first on The Global Warming Policy Forum (GWPF).

via The Global Warming Policy Forum (GWPF)

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September 13, 2018 at 04:04AM

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