SSE to release results in November
SSE, the utility company, has confirmed it has not reached a decision to break up despite pressure from activist hedge fund Elliott Management.
“Following recent reshaping of the group, SSE’s clear strategic focus is on renewables and regulated electricity networks, supported by carefully chosen businesses,” SSE said.
“The board remains fully focused on strategic choices which will drive shareholder value from the wealth of net zero opportunities the company is creating.”
Until now, there has been speculation that SSE’s three parts – the thermal power stations, the transmission grid and the renewables – as Elliot Management has acquired a stake.
The FTSE 100 energy firm confirmed on Monday that it will give an update on its strategy in the half-year results in November.
SSE will not spilt into three despite its focus being on renewables, particularly wind, as Britain strives to be net-zero.
“We have been making excellent progress with our clear net zero-aligned strategy, centred on electricity networks, renewables and other carefully chosen businesses that help provide the low-carbon electricity infrastructure that government and wider society requires,” said chief executive Alistair Phillips-Davies.
“SSE is the UK’s national low-carbon energy champion, delivering for both our shareholders and society and we look forward to updating investors on our plans to accelerate growth and create value in due course.”
