Beautiful Virgin Islands

Monday, Jul 21, 2025

Cost of living: SSE boss defends 23% rise in annual profits and dismisses calls for windfall tax

Cost of living: SSE boss defends 23% rise in annual profits and dismisses calls for windfall tax

SSE's chief executive, Alistair Phillips-Davies, dismissed calls for a windfall tax on the profits of energy companies, pointing to the company's plans to invest £24bn in British energy infrastructure during this decade, including in new wind and hydroelectric power projects.

The chief executive of SSE has defended the energy company's 23% rise in annual profits, which were bolstered by higher energy prices.

SSE's chief executive, Alistair Phillips-Davies, dismissed calls for a windfall tax on the profits of energy companies, pointing to the company's plans to invest £24bn in British energy infrastructure during this decade, including in new wind and hydroelectric power projects.

"We're investing more money than we're making in terms of profits," he told Sky News.

"And we're substantially increasing our investments - they were £2bn for the year just gone.

"And we're looking at £2.5bn in the year that we're in now, basically to next March. That's the important thing."

Asked if the plans would be blown off course by a windfall tax, he said: "What we've announced today has all been created by very clear and consistent government policy.

"What we want to see going forward is that clear, consistent policy maintained."

He suggested a windfall tax was unnecessary, saying: "The government's been incredibly successful to date in terms of policies that they've put in place."

He said its earnings per share were "in line with internal targets".

In its preliminary results, the FTSE 100 group said it expected profits to be even bigger this year and upgraded its earnings outlook for the next four years.

The company cited "higher and more volatile energy commodity prices" that benefited its gas-fired power plants.

SSE's pre-tax profit came in at £1.16bn for the year to March, compared with £948.9m the year before.

The company also operates energy networks, wind farms and hydroelectric power plants.

SSE increased its annual dividend to shareholders by 5.8%, while its adjusted earnings per share went up by 22% to 95.4p. This is expected to grow by an extra 26% to at least 120p this year.

Energy companies are reaping the benefits of sky-high prices, in part because demand has increased as the world emerges from the pandemic and due to supply constraints following sanctions imposed on Russia after its invasion of Ukraine.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
×