SSE, one of the big six energy companies, has announced that its profits have risen by two per cent, according to an article published by BBC News.

Despite a year in which SSE said it had faced upheaval and the state of ongoing economic uncertainty, it revealed pre-tax profits of 1.33 billion on Wednesday (May 16).

As a result it has also raised the dividend - by 6.8 per cent.

Although the Perth-based firm saw its overall profits rise, the operating profit for its retail division - which supplies both gas and electricity - saw a fall of 20 per cent - down to 321.6 million, meaning pre-tax profits of 268.5 million.

Chairman of SSE, Lord Smith of Kelvin, commented on the profit announcement.

He said: "There are three issue over which SSE has no control but which in one way or another touched every part of its business... upheaval in global energy markets, widespread economic uncertainty and the weather.

"Higher wholesale gas rises, falling demand and a succession of winter storms presented major challenges for the wholesale, retail and networks parts of SSE," he added.

Lord Smith of Kelvin then went on to defend the energy industry in light of widespread criticism.

"For some people, 'profit' and 'dividend' are contentious words when it comes to energy, but profit and dividend allow SSE to employ people, pay tax, make investments that keep the lights on and provide an income return that shareholders like pension funds need," he stated.

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Airtricity, a subsidiary of SSE - one of the big six energy companies -is set to complete the acquisition of Phoenix's gas supply business, according to an article published by BBC News.

Phoenix will continue to keep the distribution side of its business - which includes the gas pipes considered to be its most valuable asset; however, Airtricity will take over the supply arm, which as a result will make it the second biggest supplier in Northern Ireland.

The deal is set to benefit around 230,000 customers in the country, who will be able to take up the first ever duel fuel billing offered by a supplier.

Chief executive of Airtricity, Kevin Greenhom, commented on the takeover.

He said: "Through this deal we extend our commitment towards serving customers, employing people, and making investments in Northern Ireland to Phoenix Supply customers and staff.

"We are committed to maintaining the same locally based staff and upon receipt of approval from the Competition Authority we look forward to welcoming Phoenix Supply staff into the SSE family as we grow our business here.

"We look forward to completing this acquisition as soon as possible," he added.

Northern Ireland's Consumer Council has reassured customers of both Airtricity and Phoenix that the takeover will not have any immediate impact on them.

A spokesperson for the council said: "Aside from a potential change in name, PSL gas customers in greater Belfast and Lame will continue to receive their gas supply without interruption.

"Looking forward, we would hope that this move could lead to new product for consumers and a strong focus on customer service," the spokesman added.

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E.ON - one of the big six energy companies - has claimed that Europe's traditional gas suppliers won't be challenged by new sources delivering gas into the continent, according to an article published by Reuters.

Klaus Schaefer, chief of both Ruhrgas and E.ON Energy Trading, made the claim whilst speaking at the Reuters Global Energy & Environment Summit.

He said: "I do believe we will see Caspian gas in Europe. I also believe we will see more LNG (liquefied natural gas) arriving in the future.

"The traditional suppliers will mostly keep their position," he added.

There are a number of pipeline projects looking to transport gas from new Caspian sources, such as in Azerbaijan, to Europe once the reserves on the continent run out.

Recent data provided by Eurogas has displayed that Europe produces 35 per cent of gas requirements; while Russia and Norway hold the majority of the EU-27 market share - with 22 per cent and 19 per cent respectively.

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The head of policy at one of the big six energy companies has claimed that government plans to reform the electricity market are "unworkable," according to an article published by the Guardian.

Keith MacLean, head of policy at Scottish and Southern Energy, stated: "These proposals are too complex - they are unworkable, and they are looking even more like a train wreck."

Firms specialising in renewable energy - including SSE - have written to energy secretary, Ed Davey, stating that they believe the reforms will deter investment in renewable energy - instead of promoting it - making the country's renewable targets difficult to achieve.

MacLean went on to forecast that the proposals would ultimately affect households the most.

He said: "This will expose consumers even more to price volatility. It's taking the risk of volatility away from the generators, who are best equipped to deal with it, and passing it on to consumers.

"The only logic we can see in this is that they (ministers) are still trying desperately to hide the nuclear support. They seem to be prepared to make life more difficult for renewables in a last-ditch effort to keep the nuclear option open," he added.

Amongst the other firms urging Davey to amend the policy are Ecotricity, Good Energy, Renewable Energy Systems, Natural Power and Fred Olsen Renewables.

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With a mass-roll out of smart meters planned to begin in 2014, energy minister Charles Hendry MP has forecast that they will play "a key role in bringing our energy management into the 21st century," according to an article published by Energy Live News.

The MP made the claim in a post published on his blog; he also stated that he felt the meters "will provide accurate consumption information and bring an end to estimated billing - so no more nasty surprises for consumers."

A number of energy suppliers - including members of the big six energy companies - have begun offering and installing smart meters in the homes of their customers.

Hendry went on to state that the roll-out would benefit the UK by around 7 billion. He said: "We are consulting on a series of measures, such as how consumers should be engaged and how data can be accessed and protected, which underline our determination to put consumers' interests at the heart of the programme."

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