It blamed the losses on a “highly competitive” retail energy market. There are now a record 58 firms in this UK market and the so-called challenger firms are gradually taking a larger share of the pie. However, recent figures show that that share fell back in June, to 35%. SSE’s share price initially fell, but later rallied to close up 0.41% at 1,477p. ScottishPower, owned by the Spanish energy firm Iberdrola, said it faced “fierce competition in the UK and we expect this to continue for the foreseeable future”.

Source: The Guardian July 20, 2017 17:28 UTC