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| Name | Symbol | Market | Type |
|---|---|---|---|
| SSE PLC (PK) | USOTC:SSEZY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.23 | 1.06% | 21.89 | 21.63 | 21.90 | 21.9425 | 21.66 | 21.82 | 50,411 | 21:22:28 |
From May 2023 to May 2024
By Anthony O. Goriainoff
U.K. energy regulator Ofgem said Tuesday that SSE will pay 9.8 million pounds ($12.2 million) for breaching its license following an investigation.
Ofgem said the FTSE 100 company had secured excessive payments from the National Grid electricity system operator in exchange for reducing output at the Foyers pumped storage power station in North Ayrshire, Scotland.
The regulator said that in 2020, SSE made the bid prices it charged the electricity system operator to reduce Foyers's output "significantly more expensive," including in periods of transmission constraint.
"We have concluded that the bids submitted resulted in SSE obtaining a profit which was significantly greater than that which it would have obtained absent the transmission constraint, and so was in breach of the transmission constraint license condition," Ofgem said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
June 06, 2023 02:43 ET (06:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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