SSE Lifts Profit Forecast on Higher Renewable Output
SSE raised its annual earnings forecast to 147-152 pence per share. The upgrade follows a 10% rise in renewable output and significant network investments.
British utility SSE PLC has raised its annual earnings expectations, citing strong performance in its renewable energy sector and network investments. The company now forecasts adjusted earnings per share between 147 and 152 pence for the fiscal year ending March 31, an improvement from its previous guidance of 144 to 152 pence.
The upgrade comes amid a global rise in energy prices and increasing demand for renewable power. In the United Kingdom, the government is weighing measures to protect consumers from high costs resulting from geopolitical instability in the Middle East. SSE stated that its diversified business model remains resilient, with no immediate impact observed from the ongoing conflict.
The company expects renewable output to reach 14.5 terawatt hours in the 2025/26 fiscal year, a 10% increase driven by its construction program. Additionally, its regulated networks businesses are projected to deliver a 60% year-on-year increase in capital investment. Total capital investment for the current year is pegged at 3.5 billion pounds.
These efforts are part of a broader 33 billion pound five-year plan to modernize the grid. This modernization is essential to support the growing power needs of the electric vehicle and artificial intelligence industries.
