£500m sale of SSE household division cleared

Perth-based energy giant SSE plc on Tuesday welcomed the UK Competition and Markets Authority’s decision to clear the proposed £500 million sale of SSE Energy Services, SSE’s household energy and services business in Great Britain, to Ovo Group.

SSE CEO Alistair Phillips-Davies said: “We are very pleased that the CMA has cleared the proposed sale of SSE Energy Services to Ovo Group.”

“This underlines our long-held belief that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders.

“With the required regulatory approvals now in place, we can make the final preparations for completion, expected around mid-January 2020.

“Completion of the transaction will give SSE plc even sharper focus to delivering the low carbon infrastructure needed to help the UK reach net zero emissions.

“We have a clear strategy around developing, operating and owning renewable energy and electricity network assets, along with growing businesses complementary to this core.”

SSE will continue to supply energy to business customers in Great Britain and to business and household customers in Northern Ireland and Ireland.

Ovo Group CEO Stephen Fitzpatrick said: “We’re delighted with the CMA’s decision and look forward to bringing SSE into the OVO family. 

“There is a lot of work to be done, but we’re excited about the challenge ahead and the opportunity to help even more customers on the journey to zero carbon.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.