SSE and Npower in energy merger talks

SSE shares shot higher in reaction to the announcement

British energy supplier SSE Plc, which has agreed to merge its United Kingdom retail energy supply businesses with Innogy owned npower, reported an 8 percent drop in its half-year profit, hurt by weakness in its networks business.

SSE is hoping to team up with Npower's German parent company Innogy to cut ties with the household market by setting up a standalone company before the Government drops an axe on energy company profits in a little over a year.

The deal is subject to shareholder and regulatory approvals and SSE said that it expects the transaction to be completed by the last quarter of next year or the first quarter of 2019. As of July this year SSE had around 7.7 million customers which, if combined with the 5.1 million now signed up to innogy's GB-facing brand, would see the entity rival British Gas for customer numbers.

In a statement, SSE said: "In discussions, SSE is mindful of the requirements of customers and the concerns of employees".


"We want this to conclude as soon as possible", he said.

Innogy confirmed the two were in "advanced exclusive discussions".

The other four major suppliers are British Gas, Scottish Power - which is owned by Spain's Iberdrola, E.On and EDF.

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