SSE plc, the Perth-based electricity infrastructure giant, said hot weather conditions in the UK across April and May resulted in a 4% decrease in output from its renewable energy business in its first quarter compared to the same period of last year.
In a Q1 trading statement for its AGM in Perth, SSE said its “conventional hydro generation” fell 40% in the quarter.
“Networks operational performance remained strong throughout the quarter, as the Transmission and Distribution businesses have continued to progress their capex programmes, increasing adjusted investment nearly 70% to around £0.5bn in networks, relative to the same quarter last year.
“Strong Renewables operational availability was offset by unfavourable weather conditions across April and May, resulting in a 4% decrease in output when compared to the same period last year.
“The financial expectations SSE set out in May 2025 remain unchanged and continue to be subject to weather, market conditions and plant availability, with the key winter months still to come.”
SSE is the biggest listed firm run from Scotland, with a stock market value of more than £20 billion and about 14,000 employees.
The Perth company said significant progress continues to be made in delivering its £17.5 billion five-year investment plan to 2027.
The group added: “SSE has successfully completed a dual tranche issuance of hybrid capital securities, comprising a €800m, 5.25-year note at a coupon of 4.0% and a €500m, 8.0-year note at a coupon of 4.5%. Following upcoming hybrid redemptions, this issuance will increase SSE’s total outstanding hybrids by around £500m to £2.4bn, supporting SSE’s future growth strategy.”
SSE chief financial officer Barry O’Regan said: “SSE continues to deliver thanks to our resilient and balanced business, coupled with our disciplined approach to capital investment.
“At the same time, further clarity on growth opportunities for the group are emerging, with positive policy developments giving us even greater confidence in our ability to create value from our high-quality project pipeline.”
After Thursday’s AGM, former SSE chief commercial officer Martin Pibworth succeeds Alistair Phillips-Davies as CEO.
Phillips-Davies said: “Today is my final AGM as chief executive and it has been a privilege to lead SSE’s transformation into a national clean energy champion.
“Through the hard work and talent of countless colleagues over the years, we have aligned the group with an energy transition that is creating value for both shareholders and society.
“I am proud of all we have achieved over my 12 years as chief executive and have full confidence that SSE will continue to thrive under Martin’s leadership.”