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SSE to slash 500 jobs as freezes gas and electric prices until 2016

Last updated: 08:25 26 Mar 2014 GMT, First published: 09:25 26 Mar 2014 GMT

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UK energy giant SSE (LON:SSE) was once again hitting headlines as it unveiled 500 job cuts in a bid to make operational savings.

In an operational update ahead of a close period for the release of annual results, one of the Britain's "big six" also revealed it would  freeze domestic gas and electricity prices at their current levels until 2016.

It comes after consumers were hit last year with a rise in tarifs sparking a national debate about energy costs.

SEE said today it wanted people to see the firm not as part of the problem but as "part of the solution". 

It said Wednesday that the operational changes would result in annual savings in overheads of around £100mln by March 2016.

Then energy giant has also decided not to proceed with the development of two onshore wind farms with a total capacity of 117MW because they are no longer financially viable, it said.

Alistair Phillips-Davies, the firm's chief executive, said: "We're setting out a positive agenda for customers, including our price freeze to 2016; we're making sure our own house is in order for the future by streamlining and simplifying our business; and we're making clear we wish to work with people to find more ways of taking costs out of energy bills.  

"In all of this, I hope that people will see a company like SSE not as part of the problem but as part of the solution." 

SSE shares gained 1.8% on today's update - to go to 1,525p.

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