18th Mar 2015 07:38
LONDON (Alliance News) - Engineering company IMI PLC on Wednesday said Robert Haldane Smith, Lord Smith of Kelvin, is to become its new chairman, effective after its annual general meeting on May 7, with Smith to step down early from his role at SSE PLC.
As a result of the appointment, Smith will step down as chairman of FTSE 100 power company SSE following that company's annual general meeting on July 23. SSE said he was stepping down earlier than originally intended.
Smith is also chairman of the UK Green Investment Bank PLC and is a former chairman of oil and gas services company Weir Group PLC.
In a separate announcement on Wednesday, energy regulator Ofgem also said it has secured a GBP100,000 payment from SSE after the company's pricing signals resulted in it received excessive constraint payments.
At times of high or low demand, National Grid asks for generators to submit bids to increase or decrease their supply, Ofgem said. The rules prevent electricity generators from exploiting market conditions and charging excessive prices.
In January 2014, SSE submitted increased offers to National Grid to reduce power generation as six of its Scottish hydro-electric power stations, owing to flooding risks at the dams. SSE maintained this level for longer than was necessary, meaning National Grid paid the company more than it should have to reduce generation from the stations, Ofgem said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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