September 14, 2018 / 8:22 AM / 2 months ago

SSE, Npower name Martin Read as chairman designate for UK retail tie-up

FILE PHOTO: An SSE vehicle is parked outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne/File Photo

(Reuters) - Energy suppliers SSE Plc (SSE.L) and Innogy SE (IGY.DE) said on Friday Martin Read would take over as chairman of the new company resulting from the merger of their UK retail units.

Read is a former chairman of Laird Plc and will begin his role after the merger of SSE’s retail power unit and German-listed Innogy’s Npower.

The appointment comes a month after the two energy utilities received provisional approval for the deal from Britain’s Competition and Markets Authority.

Britain’s energy market, which is dominated by the so-called Big Six players, has come under severe regulatory scrutiny and recently Theresa May’s government put a price cap on what she had earlier termed “rip-off” energy prices.

The SSE-Npower deal will reduce the Big Six to five and create UK’s second-largest retail power provider, with a 23 percent market share - only behind Centrica’s (CNA.L) British Gas.

Reporting by Muvija M in Bengaluru; Editing by Bernard Orr and Gopakumar Warrier

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