SSE plc
ENERGY MARKET INVESTIGATION
SSE plc notes the publication by the Competition and Markets Authority (CMA) of its Updated Issues Statement relating to the supply and acquisition of energy in Great Britain.
The original Statement of Issues, published in July 2014, provided the framework for the CMA's investigation and set out 'initial theories of what might be adversely affecting competition' or theories of harm. The Updated Issues Statement, published today, does not represent findings or conclusions but does update and refine the theories of harm as well as providing a summary of initial thinking in each area.
Although the publication of the Updated Issues Statement is an important milestone, there remain a number of important stages in the CMA's investigation, including additional working papers due to be published, opportunities for written and oral submissions by interested parties, and notification of provisional findings and possible remedies (if required) - all in advance of the final report being published by the end of this year.
In the months ahead, SSE will maintain its approach of working constructively with the CMA. It continues to believe that an independent and authoritative market investigation will help to address key issues and as a result help to restore the confidence of both customers and investors. SSE retains its appetite for reform that gives customers confidence, allows regulators to regulate, and encourages investors to invest in the Great Britain energy market.
Alistair Phillips-Davies, Chief Executive of SSE, said:
"While they clearly result in a degree of short-term uncertainty, the continuing energy market investigation along with the forthcoming UK general election do provide opportunities to achieve greater regulatory and policy stability in the GB energy market, for the benefit of customers and the required investment in the country's energy system. It is in everyone's interests that we have a trusted energy market that not only works for customers but is seen to do so."
