SSE was lifting the electricity sector higher on Thursday after the company reported changes to existing thermal generation capacity expected during the 2013/2014 financial year.

Across Britain, SSE currently owns or has a stake in over 4,300 megawatts (MW) of gas and oil-fired generation capacity, over 4,300MW of coal-fired generation capacity and 80MW of capacity at its biomass plant in Slough.

As a result of the review of its generation assets, SSE said that it had decided to change the operating regime of a number of generation plants, the net effect of which would be to reduce SSE's thermal generation capacity in Britain by around 2,000MW over the next year.

Paul Smith, the company's Managing Director of Generation, said: "We have made it clear that all of our power stations have to be able to operate economically over the medium term.

"The market conditions for some of our older generation plants have become increasingly difficult, but these changes to their operating regime should ensure they continue to contribute to the company's performance by safely delivering target levels of availability, efficiency, cost control and ultimately profit contribution."

Meanwhile, the construction & materials sector was retreating one day after getting a boost by the 2013 Budget, as on-going fears over the Eurozone weakened risk appetite. In his speech Chancellor George Osborne revealed plans to launch a programme to help people get on, or move up, the property ladder.


Top performing sectors so far today
Electricity 9,434.34 +0.54%
Industrial Metals & Mining 2,310.78 +0.41%
Pharmaceuticals & Biotechnology 10,381.35 +0.24%
Household Goods & Home Construction 10,087.95 +0.15%
Aeronautics and Defence NULL 0.00%

Bottom performing sectors so far today
Personal Goods 21,933.47 -2.56%
Construction & Materials 3,974.89 -2.54%
Fixed Line Telecommunications 3,126.15 -2.48%
Technology Hardware & Equipment 1,083.11 -2.23%
Food & Drug Retailers 4,533.48 -2.18%

NR

Related share prices
SSE (SSE) share price