UPDATE 2-SSE earnings drop, outlook unclear on Labour nationalisation threat [Reuters]
SSE PLC S/ADR (SSEZY)
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Source: Reuters
UPDATE 2-SSE earnings drop, outlook unclear on Labour nationalisation threat - Reuters 3 Min Read * Chief executive says huge questions over Labour’s plan * Profits, customers at retail business fall * Retail listing likely in 2H 2020 if no buyer found * Shares touch 9-year low * (Adds chief executive comment, details on retail plan) By Susanna Twidale May 22 (Reuters) - Energy supplier SSE Plc said on Wednesday annual earnings fell more than a third as it battled stiff competition and warned of an uncertain outlook due to the opposition Labour party’s plans to nationalise Britain’s energy networks. While a British election is not due until 2022, and opinion polls show the main opposition party falling short of a governing majority, Labour laid out plans this month to offer shareholders less than current market value under a future nationalisation. SSE’s chief executive said there was huge uncertainly over Labour’s plans and a question mark over whether they would even achieve a major
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