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Share Price:
Up 1,255.00p
Change Today:
5.00p
Market Cap:
13,072m
Sector:
Electricity

Ofgem hits SSE with 2.06m fine for failing to publish inside information

By Iain Gilbert

Date: Thursday 03 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Industry watchdog Ofgem fined FTSE 100-listed energy group SSE a total of 2.06m on Thursday for failing to publish inside information about the wholesale energy market.
Ofgem said SSE was required to publish any inside information likely to "significantly affect the price of wholesale energy" in an "effective and timely" manner, something it did not do after signing a non-binding head of terms agreement with National Grid on 22 March 2016.

Instead, the watchdog said SSE's decision to wait until 30 March to make the announcement resulted in four days trading without the market knowing that more generation was likely to be available than previously thought.

"It is likely this led to some market participants paying more for wholesale electricity than they should have," said Ofgem.

In reaching its decision, Ofgem said it had taken into account that Wholesale Energy Market Integrity and Transparency regulation was "a relatively new obligation at the time", that guidance on the publication of inside information of this type was limited and that the finding was the first of its kind under REMIT.

Ofgem chief executive Jonathan Brearley said: "This fine sends a strong message to market participants that they must be familiar with, and keep to, their obligations under REMIT rules or face enforcement action by Ofgem."

As of 0930 BST, SSE shares were up 0.46% 1,265.78p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SSE Market Data

Currency UK Pounds
Price 1,255.00p
Change Today 5.00p
52 Week High 1,686.50p
52 Week Low 1,072.50p
Volume 1,624,368
Shares Issued 1,041.63m
Market Cap 13,072m

Performance Indicators

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What The Brokers Say

Strong Buy 3
Buy 2
Neutral 7
Sell 0
Strong Sell 1
Total 13
buy
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SSE Dividends

  Latest Previous
  Final Interim
Ex-Div 23-Jul-20 16-Jan-20
Paid 18-Sep-20 13-Mar-20
Amount 56.00p 24.00p

Trades for 30-Oct-2020

Time Volume / Share Price
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16:29 55 @ 1,258.50p

SSE Key Personnel

CEO Alistair Phillips-Davies
Finance Director Gregor Alexander
Chair Richard Gillingwater