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Highlights
- Ever since the energy bills support scheme was introduced in October, there has been no redemption of 37% of the vouchers.
- The scheme to provide energy bills support was launched to reduce the impact of soaring bills on households during the rough winter months.
- Despite support being offered, over 1.3 million vouchers remain unredeemed, while several are either missing, deferred or untaken.
Intervention by ministers is expected after it was brought to light that there has been no redemption of over one-third of the vouchers aimed to cut the energy bills of UK households on prepayment meters. On Tuesday, the Department for Business, Energy and Industrial Strategy unveiled the figures showing that since the beginning of the scheme in October, 37% of the vouchers have not been redeemed.
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The scheme to provide energy bills support was launched to reduce the impact of soaring bills on households during the rough winter months. To support the households on direct debit, the energy price guarantee was brought up to reduce bills, while households on prepayment meters were provided with the voucher scheme.
VIDEO LINK: https://www.youtube.com/watch?v=FeB2EKPevxo
Despite the support, over 1.3 million vouchers remain unredeemed, while several are either missing, deferred or untaken. A Guardian report observed in December that up to half a million of the country's weakest households had been deprived of government support since October.
Amid these developments, Kalkine Media® explores a few LSE-listed energy utility stocks and reviews their performance.
Centrica plc (LON: CNA)
Centrica's returns, a global provider of electricity services and solutions, stood at 42.15% and 33.01% on a one-year and YTD (year to date) basis, respectively, as the market opened on Wednesday. At around 8:00 AM (GMT), CNA shares were trading at GBX 94.92, up by 0.57%. Centrica plc's market capitalisation stood at £36,383.39 million with an EPS (earning per share) of 0.21.
SSE plc (LON: SSE)
The returns offered by SSE plc, a prominent energy giant supplying electricity across the UK and Ireland, stood at 5.17% and 4.63% on a one-year and YTD basis, respectively, as the market opened on Wednesday. At around 8:00 AM (GMT), SSE shares were trading at GBX 1,708.00, up by 0.32%. At the time of writing, SSE Plc's market capitalisation stood at £18,399.30 million. Meanwhile, the FTSE100 company had an EPS of 2.87.
National Grid plc (LON: NG.)
The returns offered by National Grid, an energy utility business focused on electricity and gas distribution, stood at -7.38% and -6.07% on a one-year and YTD basis, respectively, as the market opened on Wednesday. At around 8:00 AM (GMT), SSE shares were trading at GBX 995.00, up by 0.10%. National Grid boasted of a market capitalisation stood at £36,383.39 million. Meanwhile, the FTSE100 company had an EPS of 0.65.
