UK Energy Stocks Fall as Reeves Eyes Delinking Gas-Power Prices
Rachel Reeves during the IMF/World Bank Spring Meetings in Washington, DC, on April 16.
Photographer: Yuri Gripas/Sipa/AP PhotoUK power stocks dropped after Chancellor of the Exchequer Rachel Reeves said the government was drafting plans to delink gas prices from electricity costs, raising concerns that lower power prices would hurt earnings for generators.
SSE Plc shares dropped as much as 6.6% on Friday, the biggest decline since September 2022, while Centrica Plc fell as much as 5.8%, the steepest in two months. Drax Group Plc and Ørsted A/S also declined, down as much as 3.6% and 1.4%, respectively.