SSE To Freeze Prices, Unload £1B In Assets

Law360, New York (March 26, 2014, 5:03 PM EDT) -- British utility SSE PLC said Wednesday that it will freeze electricity and gas prices until 2016, legally split its retail and wholesale businesses, and unload £1 billion ($1.66 billion) in assets, a response to government criticism of fast-rising prices and a lack of competition.

SSE said in a statement that it will freeze domestic electricity and gas prices in Great Britain until at least 2016, describing the move as the longest unconditional price guarantee ever offered by an energy company and is intended to shield SSE’s...
To view the full article, register now.