SSE could face pressure from activist hedge fund to break up energy business:
Elliott Advisors, which has built a stake in the company, has reportedly called for SSE to separate or sell its renewables business
says
SSE could face pressure to break up its energy business as the activist hedge fund Elliott Advisors pushes for a spin-off of its renewable energy division after building a stake in the company.
The hedge fund has reportedly begun talks with senior SSE executives after investing in the company over the summer, and has joined industry analysts in calling for the company to separate or sell its renewables business.
Elliott has not publicly confirmed its position in SSE’s shares, which was first reported in the Betaville financial blog in August, and has declined to comment on media reports this week. SSE has also declined to comment.
The campaign would mark Elliott’s second UK-based target this year after the $48bn fund took aim at pharmaceutical giant GlaxoSmithKline earlier this year, calling for its boss Dame Emma Walmsley to reapply for her job.
SSE’s chief executive Alistair Phillips-Davies and chairman Sir John Manzoni completed a big overhaul of the company in early 2020 with the £500m sale of its energy supply business to Ovo Energy to focus on developing renewable energy and operating its regulated electricity networks.
SSE runs the power lines and cables which provide electricity to millions of homes across central southern England and the north of Scotland, alongside a growing renewable energy portfolio of wind farms and hydro power plants.
Phillips-Davies has claimed that investing in renewable energy, including a stake in the world’s biggest offshore wind farm at Dogger Bank in the North Sea, alongside power network upgrades to cope with a rise in electric heating and car charging is a coherent strategy for the UK’s “net zero carbon” future.
John Musk, an analyst at RBC Capital, said earlier this summer that investing in SSE was “an excellent way to play the energy transition via both renewables growth in the UK and a solid base of growing regulated [network] assets”.
But industry analysts claim that the company is undervalued in the market, despite the overhaul, and could reap big financial benefits from splitting the renewable and energy networks business.
Deepa Venkateswaran, an analyst at Bernstein, said in July that the company’s renewable energy portfolio was undervalued by the market and SSE could increase its market value more than 50% by disposing of its networks business.
SSE’s shares have climbed by 14% since speculation about Elliott’s interest in the company first emerged to 1659p a share on Tuesday.
2.0 kW/4.62 MWhr pa in Ripples, 4.5 kWp W-facing pv, 9.5 kWhr batt
30 solar thermal tubes, 2MWhr pa in Stockport, plus Congleton and Kinlochbervie Hydros,
Most travel by bike, walking or bus/train. Veg, fruit - and Bees!
Countrypaul wrote: ↑Wed Sep 15, 2021 10:02 am
nPower is now part of Eon (since 2019 i believe), so maybe the list is a little outdated?
They don't admit it isn't current info, they say "The full list of licensed energy companies within the UK, along with their estimated customer count is shown below" and I just copied it.
You are correct, though. I clicked on one of the names with green type - links on the webpage and it says
Extra Energy
Extra Energy Review:
Extra Energy was an independent UK energy supplier that went bust in November 2018. The collapse of the energy firm left around 108,000 customers without an energy deal until Ofgem, the energy regulator, appointed Scottish power. This ensured customers were never left without gas and electricity and were automatically switched to a Scottish Power deal.
so it is definitely not current. I wonder whether OfGem publishes a list? Found it!
2.0 kW/4.62 MWhr pa in Ripples, 4.5 kWp W-facing pv, 9.5 kWhr batt
30 solar thermal tubes, 2MWhr pa in Stockport, plus Congleton and Kinlochbervie Hydros,
Most travel by bike, walking or bus/train. Veg, fruit - and Bees!
2.0 kW/4.62 MWhr pa in Ripples, 4.5 kWp W-facing pv, 9.5 kWhr batt
30 solar thermal tubes, 2MWhr pa in Stockport, plus Congleton and Kinlochbervie Hydros,
Most travel by bike, walking or bus/train. Veg, fruit - and Bees!
2.0 kW/4.62 MWhr pa in Ripples, 4.5 kWp W-facing pv, 9.5 kWhr batt
30 solar thermal tubes, 2MWhr pa in Stockport, plus Congleton and Kinlochbervie Hydros,
Most travel by bike, walking or bus/train. Veg, fruit - and Bees!
I keep an eye on this site. It's a bit 'daily mail' and let's be honest biased in its reporting subject matter yet the prices are accurate and some of the reports are good albeit a tad sensationalist.
19.7kW PV SE, VI, HM, EN & DW
Ripple 7kW WT & Gen to date 19MWh
42kWh LFPO4 storage
95kWh Heater storage
12kWh 210ltr HWT.
73kWh HI5
Deep insulation, air leak ct'd home
Zoned GCH & Hive 2
WBSx2
Low energy bulbs
Veg patches & fruit trees
More sh1t happening... whether the govt can help (given their hands-off approach to everything else, like no drivers for the food chain, or no CO2 for slaughterhouses or the rest of industry) remains to be seen... https://www.theguardian.com/business/20 ... rice-rises (Government holds urgent talks with energy firms over gas price rises) says, amongst other stuff
Business secretary in up to 20 meetings over weekend to ‘bottom out how bad things might be’, says senior industry insider...
The government has said energy security is “an absolute priority” as the business secretary, Kwasi Kwarteng, began talks this weekend with energy industry representatives over concerns about a rise in wholesale gas prices.
Kwarteng is meeting chief executives from energy suppliers and operators to discuss the extent of the impact of surging prices, which have been blamed on high global demand, maintenance issues and lower solar and wind energy output.
He insisted there was enough gas supply to meet demand.
In Spain, the government has introduced a windfall tax on energy generators and gas suppliers – which are earning record-high revenues – that will be used to create a €3bn (£2.6bn) fund to help reduce home energy bills.
2.0 kW/4.62 MWhr pa in Ripples, 4.5 kWp W-facing pv, 9.5 kWhr batt
30 solar thermal tubes, 2MWhr pa in Stockport, plus Congleton and Kinlochbervie Hydros,
Most travel by bike, walking or bus/train. Veg, fruit - and Bees!
