SSE plc, the Perth-based electricity infrastructure giant, said it has trimmed its five-year investment expectations by £3 billion to around £17.5 billion “reflecting financial discipline in a changing macro environment across the energy businesses and consent phasing in networks.”

The Scottish group said its investment plans “have not been immune to the changing macroeconomic environment and wider delays to the planning processes” in the last year.

SSE said reported profit before tax for the year ended March 31, 2025, fell 26% to £1.85 billion as revenue slipped about 3.1% to £10.13 billion. Nonetheless, full-year dividend rises 7% to 64.2p.

SSE is the biggest listed firm run from Scotland, with a stock market value of around £20 billion and about 14,000 employees.

The group said construction continues on all three phases of Dogger Bank offshore wind farm. “On track with Phase A completion in the second half of 2025, with >50% of turbines installed,” said SSE.

“When SSE set out its first ‘Net Zero Acceleration Programme’ in November 2021, it recognised the significant optionality the group had within its business mix across the value chain and the need to flex investment as opportunities evolved,” said SSE.

“This evolution has been evident throughout each iteration of that investment plan, as the group has steadily upweighted its investment in regulated electricity networks to reflect the growing opportunities there.

“However, the group’s investment plans have not been immune to the changing macroeconomic environment and wider delays to the planning processes which have been seen over the last twelve months.

“Reflecting this investment landscape, the group today announces a reduction in the overall size of the capital investment plan to around £17.5bn over the five years to 31 March 2027.

“Around 90% of this investment plan is currently committed, with the remainder subject to delay or potentially even cancellation if the right investment conditions do not emerge.”

SSE CEO Alistair Phillips-Davies said: “SSE continues to prove the benefits of a portfolio that is built to withstand risk and uncertainty and a strategy that is focused on creating sustainable value.

“We have met our financial goals for the year and evolved our investment plans to reflect the changing world around us – leaning into the opportunities presented in networks and redoubling our capital discipline across our energy businesses.

“We are particularly well placed to contribute to future energy systems in our home markets built on renewables, networks and flexibility.

“This opportunity, alongside our balance sheet strength and the increased proportion of index-linked revenue we anticipate, gives us every confidence in our FY27 target of 175-200p earnings per share and sustainable growth to 2030 and beyond.”