SSE to Sell Power Assets, Split Retail From Wholesale Unit
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SSE Plc will freeze power and gas prices, legally split its retail and wholesale units, and sell assets as the U.K.’s second-largest energy supplier moves to head off government action against the “Big Six” utilities.
SSE plans to dispose of 1 billion pounds ($1.7 billion) in assets over the next two years, the Perth, Scotland-based company said in a statement today. It also plans to cut about 500 jobs as part of annual savings of about 100 million pounds by March 2016, it said.