Perth's SSE ups profit outlook and hails multi-billion-pound green drive

SSE, the Perth-headquartered energy giant, has upped its profit outlook and hailed early progress with its net zero acceleration programme.

In a trading update, the group - the recent subject of break-up speculation - lifted its full-year 2021/22 adjusted earnings per share guidance to “at least” 90 pence from at least 83p previously.

Finance director Gregor Alexander told investors: “SSE' s performance in the year so far gives us renewed confidence about delivery of good financial results for the full year.

“The significant bolstering of SSE Renewables’ pipeline, the increased visibility we have over opportunities for greater growth in SSEN Transmission and the balance provided by SSE Thermal through a turbulent trading period have demonstrated yet again the value of SSE's integrated business mix and its capacity for delivering sustainable shareholder returns over the long term.

SSE, through its renewables arm, is one the world's largest investors in onshore and offshore wind energy.

“Today’s trading statement demonstrates SSE's net zero acceleration programme in action and the milestones reached since reporting our interim results move us closer to delivering the refreshed 2030 goals that will accelerate growth, drive shareholder returns and play a critical role in keeping global warming to a 1.5C pathway.”

In November, the group outlined plans to invest a bumper £12.5 billion over the next five years as it looks to accelerate its net zero plans.

The firm said the move makes it the biggest constructor of offshore wind in the world and will increase the amount of renewable energy produced by four gigawatts (GW) over the period.

SSE’s plans will see the group deliver a quarter of the UK's 40GW offshore wind target by 2030 and more than a fifth of the UK's electricity networks investment.

A message from the Editor:

Thank you for reading this article. We’re more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers. If you haven’t already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription: www.scotsman.com/subscriptions