REG - SSE Plc - Q1 Trading Statement

SSEAnnouncement

18/07/2024 07:00

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RNS Number : 8445W  SSE PLC  18 July 2024

SSE plc

q1 trading statement

18 july 2024

 

·    Operational performance in line with expectations; Renewables output
for the quarter 60% up year-on-year

·    Continuing to expand high quality asset base, with delivery
milestones reached on a number of vital energy infrastructure projects in the
quarter

·    New UK Government's clean energy mission aligned with SSE's
fully-funded Net Zero Acceleration Programme Plus (NZAP Plus) investment plan

 

This Trading Statement reiterates SSE's financial outlook as provided in its
Preliminary Full-year Results on 22 May 2024, and provides operational
performance data ahead of today's SSE plc Annual General Meeting.

 

TRADING UPDATE

Q1 performance has been in line with expectations and continues to demonstrate
the strength and stability provided by SSE's balanced mix of regulated and
market-based businesses that are at the heart of the energy transition.

 

Renewable output in Q1 was 60% higher when compared to the same period last
year, reflecting a return to more normalised weather conditions over the
period, in addition to year-on-year capacity increases.

 

Financial expectations for individual business units as set out in May
therefore remain unchanged, and continue to be subject to weather, market
conditions and plant availability across the key winter months to come.

DELIVERING Mission-CRITICAL ENERGY INFRASTRUCTURE

Delivery of SSE's fully-funded, £20.5bn NZAP Plus investment plan continues
to progress, with a number of recent developments and milestones on major
projects:

·    Good progress made on Shetland, with first power generated at Viking
onshore wind farm ahead of full energisation of both the wind farm and SSEN
Transmission's HVDC link to the mainland expected in the coming weeks.

·    Final turbine installed on Yellow River onshore wind farm, with
project on track for commercial operations early in 2025.

·    Construction progressing on Dogger Bank A offshore wind farm with 27
turbines either fully or partly installed and the project continues to target
full commercial operations during the first half of 2025.

·    Enabling works continuing at pace on SSEN Transmission's Eastern
Green Link 2 between Peterhead and Drax while HVDC cable supply contracts have
been agreed with NKT on projects in Aberdeenshire and the Western Isles.

 

In addition, highlighting the opportunities available beyond the current
investment plan, SSE has confirmed that it will proceed with development of
the 2GW Alpha offshore wind tender site (SSE share 50%) in the IJmuiden Ver
Wind Farm Zone in the Netherlands. Subject to reaching a Final Investment
Decision, the project could be commissioned by the end of the decade.

Barry O'Regan, Chief Financial Officer, said:

"We have made a solid start to the financial year as we convert our premium
project pipeline into high-quality sustainable earnings.

"We remain on track to meet our 2027 growth targets that are underpinned by
world-class assets and balance sheet strength, with two-thirds of revenue
either regulated or already backed by existing government policy.

"The outlook is supported by the enhanced clean power target of the new UK
Government which recognises the essential need for investment in renewables,
flexible power and electricity networks - areas where SSE has unrivalled
capability and significant growth potential."

operational PERFORMANCE

 

SSE Renewables

 

 Output - GWh                   3 months to                        3 months to

30 June 2024
30 June 2023
 Onshore wind generation        1,069                              715
 Offshore wind generation       874                                496
 Conventional hydro generation  565                                341
 Pumped storage generation      88                                 73
 Total renewables output        2,596                              1,625

Note: Output based on equity share and includes compensated constrained off
generation.

 

SSE Thermal

 Output - GWh                       3 months to    3 months to

                                    30 June 2024   30 June 2023
 Gas-fired generation (GB)          3,072          3,218
 Gas-fired generation (ROI)         266            496
 Total gas-fired generation output  3,338          3,714

Notes:

1. Output is based on equity share except Marchwood where 100% of volumes are
included due to the contractual arrangement.

2. Output includes 27GWh of oil-fired generation in the three months to 30
June 2024 and 29GWh of oil-fired generation in the same period in 2023.

 

 

sse plc annual general meeting 2024

SSE's Annual General Meeting 2024 takes place today, 18 July, at 12.30pm in
Perth.

SSE will issue a further business update with its Notification of Close Period
statement on 3 October 2024.

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Michael Livingston  +44 (0)345 0760 530

Marlon Hall
 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Sam Peacock         +44 (0)345 0760 530

                                                                          Glenn Barber

            MHP Group                                                     Oliver Hughes       +44 (0)7885 224 532

                                                                          James McFarlane     +44 (0)7584 142 665

 

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