UK's SSE posts 20% jump in first-half renewable energy output, reiterates outlook

By Reuters News

- British utility SSE SSE.L reported a nearly 20% rise in renewable energy output for the first half of the year, helped by investments across major projects and favourable weather conditions.

Here are some details:

  • SSE expects first-half adjusted earnings per share (EPS) to remain between 64 and 68 pence, reflecting lower seasonality as regulated networks make up a larger share of group earnings.

  • Investment across its regulated networks business increased about 70% from a year earlier, driven mainly by transmission projects, with progress continuing across 11 major developments.

  • The electricity provider launched a £33 billion ($43.74 billion) five-year investment plan last year to expand its renewables business and upgrade Britain's ageing electricity grid to meet rising power demand.

  • The company reiterated its full-year adjusted EPS guidance of 168p to 193p and 2029/30 target range of 225p to 250p.

  • The group expects to invest around £2.5 billion during the first half and forecasts adjusted net debt and hybrid capital of about £11.5 billion.


($1 = 0.7544 pounds)

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk