SSE investment, capex to total £2.5bn this year

SSE plc, the Perth-based renewable energy and power networks giant, announced that its first-quarter performance has “slightly exceeded” its expectations and that it remains confident in its financial outlook “for strong earnings growth this year.”

SSE is the largest listed company run from Scotland.

SSE said progress continues to be made on the disposal of a 25% minority stake in its SSEN Transmission with the formal process now under way.

SSE anticipates adjusted capital expenditure and investment to total in excess of £2.5 billion this financial year.

“Progress across the various capex projects also continues at pace, with first power from Seagreen offshore wind farm expected by the end of this month and construction on Viking onshore wind farm and Dogger Bank A, B & C offshore wind farms progressing well,” said SSE.

Correspondingly, as previously stated on 25 May 2022, SSE expects to report full year adjusted earnings per share of at least 120p and anticipates adjusted capital expenditure and investment to total in excess of £2.5bn this financial year.

“Progress continues to be made on the disposal of a 25% minority stake in SSEN Transmission with the formal process now under way.

“The group has targeted an agreed sale by the end of the calendar year, with completion following receipt of regulatory approvals.”

SSE finance director Gregor Alexander said: “We continue to make excellent progress on our Net Zero Acceleration Programme, investing at pace in the vital electricity infrastructure that will help build a more secure, affordable and sustainable energy system.

“The strength of SSE’s integrated and balanced business model, combined with our commitment to positive engagement with key stakeholders, is serving us well through a period of market, political and regulatory complexity.

“Meanwhile, CfD success at Viking, progress on our Southern European pipeline acquisition, the positive outlook for Transmission from the recent Holistic Network Design and new hydrogen options at Saltend all position us well for the long term.

“We remain confident in our financial outlook for strong earnings growth this year and look forward to updating the market on performance in our interim results statement on 16 November 2022.”