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SSE chief awarded £234,000 in shares

ENERGY giant SSE has handed chief executive Alistair Phillips-Davies a near £250,000 hike in his long term bonus share award to nearly £1 million - to take account of the pay rise it gave him earlier this year.

The Perth-based owner of Scottish HydroElectric gave Mr Phillips-Davies another 17,266 shares with a market value of £234,000 under its three-year performance share plan. This supplements the 54,604 shares it handed him under the scheme in June.

He could now net shares with a current paper value of £975,000 in 2016.

Finance director Gregor Alexander got another 5367 shares to take his award to a paper worth of £814,000.

Mr Phillips-Davies replaced Ian Marchant as chief executive on July 31.

SSE, which hiked its gas and electricity prices by 8.2% last month, told investors the increased awards "take into account salary increases implemented from 1 July 2013 reflecting their new roles and additional responsibilities".

Mr Phillips-Davies received £1.4m last year as deputy chief executive.

SSE has not disclosed his current pay. It said no awards have vested under its bonus scheme in two of the last three years.

Energy companies have been criticised for recent bill increases. They blame rising wholesale market prices.

Meanwhile, SSE has decided to go ahead with a £15m programme to extend the life of its Peterhead power plant. Work will be completed by the end of 2015.

It plans to close coal-fired power stations in North Yorkshire and Wales by 2023.

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