OREANDA-NEWS. SSE issued the following statement this morning regarding a new gas supply deal with Statoil:

"SSE has today (Friday) agreed a long-term gas supply contract with Norwegian oil and gas provider Statoil. Starting on 1 October 2015, the six year deal secures the provision of 500,000 therms of gas per day - approximately 6% of SSE's average daily gas demand* - at prevailing market prices and conditions. The contract strengthens SSE's existing relationship with Statoil and provides it with a secure supply of gas, enabled by the physical links between Norwegian gas resources and the UK.

"SSE procures fuel both to satisfy the needs of its customers and to power its generation assets, through a range of fuel procurement activities. These include investment in fuel production, long-term contracts with major producers, and active participation in the commodity markets.

"By maintaining a diverse and balanced portfolio of contracts and assets, both long and short term, SSE has greater ability to manage wholesale energy price volatility thereby protecting customers and ensuring greater retail price stability."