Sse Adoption Agreement

Project to modify the SOLAS for additional fire suppression facilities in the premises of the machines with oil boilers. The proposed amendment specifies that boilers protected by fixed local firefighting systems do not require an approved foam extinguisher with a capacity of at least 135 l. SSE Business Energy provides energy to its commercial and public customers throughout the UK, a market that consumes about 180 TWh of electricity and 8 billion gas per year. It complements the SSE`s renewable energy and flexible thermal generation interests and provides a pathway to the electricity generation market through standard contracts and electricity purchase contracts. The group`s gas supply business generates gas distribution royalties from Scotia Gas Networks, while the group also provides services to Scotia Gas Networks in the form of a management service contract for business services and share acquisition services. Transactions with Seabank Power Limited and Marchwood Power Limited relate to energy supply or energy toll contracts under electricity supply agreements. Outstandings are commercial, unsecured and cash-settled balances. The transactions with Clyde Windpark (Scotland) Limited relate to energy provisions contracts under electricity purchase contracts. This related part previously belonged 100% to the group.

No guarantees were given or received. No provision for bad debts was made with respect to amounts earned by related parties. On September 13, 2019, SSE announced that it had entered into an agreement to sell its SSE Energy Services business to OVO Energy Limited. As a result, SSE Energy Services continues to be presented as “owned for sale” in these financial statements, as the assets and liabilities of this activity are presented as having ceased operations in the activities held for sale (see note 9 of the summary financial statements). This means that SSE Energy Services` results were excluded from the profit and loss ratios. The transaction has been approved by the FCA, awaits CMA approval and is expected to be completed in early 2020. Crown Estate Leasing-Round 4 was opened in October and offers basic rights for at least 7GW of new offshore wind projects in waters around England and Wales. The pre-qualification process will continue until January 2020, with the tendering phase in 2020 and leases with successful bidders announced by autumn 2021. Crown Estate Scotland`s scotWind leasing process is expected to begin after the release of Marine Scotland`s draft sectoral maritime plan, expected in autumn 2019. SSE Renewables is currently exploring its opportunities to participate in both processes. (i) The group adopted IFRS 16 on April 1, 2019.

See Note 3.1 on the Effects of Adoption On 13 September 2019, the Group announced that it has entered into an agreement with OVO Group Limited (`OVO`) for the sale of SSE`s energy and services business in the United Kingdom (`SSE Energy Services`) for an enterprise value of $500 million, $400 million in cash and $100 million in credit securities, net of a $59 million adjustment for debt-related items. The group classified SSE Energy Services as being required for sale for the first time in its condensed interim statements of September 30, 2018. At its second session, the Subcommittee on Ship Systems and Equipment (SSE) finalized the proposed amendments to SOLAS II-2/20, with a view to their adoption at the 85th session of the Maritime Safety Committee (MSC 95).

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  • April 12, 2021

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