Perth power giant SSE pledges record green investment as profits swell

Scottish energy giant SSE is on course to deliver record investment in excess of £2.5 billion this year as it supports the country’s “transition to net zero”.

In a trading update to investors, the Perth-based group also raised its annual earnings forecast and said it would pump any additional profit it makes into low-carbon electricity infrastructure. The company now expects adjusted earnings per share of more than 150p for the financial year ending March 31, up from the previous outlook of at least 120p. SSE also said it intends to recommend a full-year dividend of 85.7p per share plus retail price index, adding that the pay-out was expected to increase by at least 5 per cent per annum in the 2024/25 and 2025/26 financial years.

Finance director Gregor Alexander said: “Our fully funded £12.5bn net zero acceleration programme is progressing at pace as we build the renewables, networks and flexible energy assets needed for a cleaner, more secure energy system. SSE is performing well in a shifting and volatile energy landscape, underlining the strength of our balanced business mix and the quality of our assets, and we are well placed to deliver a strong financial performance for the full year. We are responding to the cost of living and energy crises by investing record amounts and remain committed to investing additional profit we make into critical low-carbon electricity infrastructure. By doing so, we are creating lasting value for SSE’s stakeholders, and society as a whole,” he added.

Full-year results are expected on May 24.