Shadow Welsh Secretary, Owen Smith, has accused Swalec owner SSE of 'spin' by claiming to have reported a £150m loss. He criticised the energy group for 'selling its own product to itself,' a reference to its wholesale and retail divisions.
No matter how hard SSE spin by highlighting a £150m loss in its retail arm, the reality is the company’s overall profit came in at around £350m. The attempt to plead poverty will fall on deaf ears in Wales, where we already have the highest energy bills of anywhere in the UK.
SSE’s profits of £350m have allowed it to give shareholders inflation-busting pay-outs while customers face inflation-busting price hikes. It can only do this because it operates in a flawed market. The group sells its own product to itself and hasn’t got enough serious competition.
A long-term solution is to reform the energy market, which a Labour Government will tackle head on. But we also need a short-term answer to sky-high prices. That’s why Labour is calling on David Cameron to freeze energy prices and address the cost of living crisis facing families across the country.
More top news
But clear skies remain in the south and west
Joshua Davies says he was running away from a gang when he fell from the fifty-foot bridge.
First Minister's Questions: the new term begins