SSE boss Marchant to focus on ‘smaller companies’

SSE boss Ian Marchant. Picture: Robert Perry
SSE boss Ian Marchant. Picture: Robert Perry
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OUTGOING SSE chief executive Ian Marchant is planning to invest in a number of small energy companies when he stands down from the Scottish Hydro owner next month.

Marchant, who owns shares in Perth-based SSE worth more than £3 million, said he was in talks with firms in the marine and energy efficiency arenas “where I can add some value because of the contacts and knowledge I’ve picked up”. He added: “I’m looking at investing in a few smaller companies because I think that would be quite rewarding emotionally.”

Marchant, who will be replaced by his deputy, Alistair Phillips-Davies, waived a bonus of £329,000 this year after regulator Ofgem fined SSE a record £10.5m for the “prolonged and extensive mis-selling” of contracts. But he leaves the company with a £10.4m pension pot worth £420,000 a year from the age of 60.

SSE’s retail arm, which supplies 9.5 million UK households under its Scottish Hydro, Southern Electric and Swalec brands, saw its profits jump 28 per cent to a record £410m last year.