SSE has announced its earnings guidance for fiscal year 2024/25, projecting adjusted earnings per share between 154 and 163 pence, broadly in line with profits over the past two full-year periods.
The forecast reflects robust operational performance despite variable weather conditions during the third quarter, with business unit operating profit expectations remaining stable.
The company’s renewable energy division has grown, with generation output increasing by 26% year-on-year for the first nine months of the fiscal year.
The improvement is attributed to both expanded capacity and weather conditions, though January has continued to see variability in weather patterns affecting the renewables fleet.
SSE’s ambitious green energy expansion plans are advancing, with several key projects reaching important milestones.
The company’s transmission arm, SSEN Transmission, unveiled its RIIO-T3 Business Plan in December 2024, outlining investments of at least £22 billion in critical grid infrastructure through 2031. The plan includes potential additional expenditure of £9.4 billion, which could bring total investment to approximately £32 billion over the price control period.
In renewable energy development, the company achieved first power at its 101MW Yellow River onshore wind farm and made a financial investment decision on the 208MW Strathy South onshore wind farm.
Progress continues on the flagship Dogger Bank offshore wind farm, with turbine installation ongoing for the first phase. The project’s future phases received a boost with the confirmation of a second installation vessel secured for 2026.
Further strengthening its power generation portfolio, SSE Thermal has committed to building the Tarbert Next Generation power station in County Kerry, Ireland. The 300MW sustainable biofuel plant, supported by a 10-year capacity agreement, is scheduled for completion in late 2027 and will contribute to Ireland’s energy security and low-carbon objectives.
“Thanks to our focus on renewables, networks and system flexibility, we are a key delivery partner in the UK’s Clean Power Action Plan,” said Barry O’Regan, Chief Financial Officer.
“As we look to the opportunities presented by decarbonisation our focus remains on capital discipline, strategic delivery and the efficient operation of our value-creating assets.”