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Showing posts with the label Scottish and Southern Energy

The Poor Pay More

Following up an earlier post we see from the BBC that energy companies have been accused by an industry watchdog of exploiting some of the poorest people in society.

Customers with pre-payment meters are paying hundreds of pounds more for electricity and gas than those with access to the cheapest tariffs . Customers on the meters are charged an average of £195 more a year than those paying by direct debit . In some cases, customers using meters have been found to pay as much as £304 more a year. There are 3.5 million electricity and 2.2 million gas pre-payment meters in Britain. Some 580,000 pre-payment meters were installed in 2006. Energywatch claims that 63% were installed by companies to recover debts, which would limit the ability of those households to switch to cheaper suppliers or payment methods.

"That they should ramp up the rates and exploit those with no access to alternative payment methods is morally bankrupt," said Energywatch chief executive of Allan Asher.

Ac…

Electric shocks

It is good to see that your electric bill went to good cause .

Scottish & Southern Energy , the Perth-based parent company of Scottish Hydro-Electric , has handed its top executives inflation-busting salary increases after a review of boardroom remuneration concluded that they were underpaid .
SSE's four executive directors saw their basic salaries rise by between 9% and 17%.

Chief executive Ian Marchant is now on a basic of £720,000 - an increase of around £100,000 in the past two years. Also proposed to the annual meeting was that the maximum bonus "cap" for executive directors under the company's new performance share plan be increased from 100% to 150% of salary.

Marchant's salary, annual bonus, and benefits jumped by more than 16% to £1.21 million in 2006-07, up from £1.04 million in the prior financial year. As well as his basic salary of £675,000, bonus of £518,000 and benefits of £17,000, Marchant was awarded 46,081 shares under the deferred bonus plan.Th…