SCHWpD

The Charles Schwab Corporation Depositary Shares each representing 1/40th interest in a share of 5.9

25.1000
USD
0.60%
25.1000
USD
0.60%
24.2200 25.9300
52 weeks
52 weeks

Mkt Cap 753.00M

Shares Out 30.00M

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UK power generator SSE posts 23% jump in annual profit

Updates throughout May 25 (Reuters) - British power company SSE Plc SSE.L reported a 23% jump in annual profit on Wednesday and said it was investing significantly more than it was making in profit to help reduce dependency on imported gas. The group's adjusted pretax profit came in at 1.16 billion pounds ($1.45 billion) for the year ended March 31, compared with 948.9 million pounds a year earlier. The results were buoyed by strong performance from thermal power plants after wholesale energy prices soared. The results come as Britain is reported to be considering a windfall tax on companies that have benefited from high energy prices following Russia’s invasion of Ukraine, to help raise cash to support households facing much higher energy bills. Britain's finance minister Rishi Sunak has said no option is off the table if companies are not seen to be re-investing their large profits in British projects and jobs. SSE said it plans to invest up to 24 billion pounds in British energy infrastructure this decade including in new wind and hydro electric power projects. “We are investing far more than we are making in profit to deliver clean homegrown energy that will bolster security, cut emissions and make energy more affordable over the long term,” CEO Alistair Phillips-Davies said in a statement. ($1 = 0.7983 pounds) (Reporting by Susanna Twidale in London and Yadarisa Shabong in Bengaluru; editing by Sherry Jacob-Phillips and Jason Neely) ((susanna.twidale@thomsonreuters.com; +44 207 5424753;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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