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.
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Welcome to the Newsweek Quiz - where we'll be testing your knowledge from the last seven days of news here in Wales.
As far as today goes, the south is enjoying the best of the sunshine. Always a few showers possible in the north.