The Big Six energy provider SSE is braced for a £60 million hit to profits after the government was forced to drop its emergency scheme for keeping the lights on in the winter. The group, formerly known as Scottish & Southern Energy, told shareholders today that it was unlikely to be able to receive or book a £60 million payment due for its participation in the government’s capacity market auctions. Under the scheme, implemented in 2014, the government pays power station owners a subsidy in exchange for them guaranteeing to make themselves available to provide electricity if it is needed during the dark winter months when renewable energy such as solar and wind power can be less reliable. A European court threw a spanner in…

Source: The Times February 08, 2019 09:00 UTC