REG - SSE Plc - Q3 Trading Statement

SSEAnnouncement

05/02/2025 07:00

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RNS Number : 9206V  SSE PLC  05 February 2025

SSE plc

q3 tRADING STATEMENT

5 FEBRUARY 2025

 

·      2024/25 full year adjusted earnings per share expected to be
between 154 - 163 pence

 

·      Renewables output up 26% year-on-year for the first three
quarters, reflecting the impact from capacity additions and variable weather
conditions

 

·      The drive to clean power continues to gather pace, including
publication of SSEN Transmission's RIIO-T3 Business Plan

 

This Trading Statement updates on expectations for 2024/25 full year earnings,
as well as strategic progress and operational performance for the period
ending 31 December 2024.

TRADING UPDATE

It is expected that 2024/25 adjusted earnings per share will be between 154 -
163 pence, reflecting good operational performance against variable weather
conditions in particular over the third quarter. Business unit operating
profit expectations remain unchanged.

 

Generation output from SSE Renewables over the first nine months was 26%
higher than the same period in prior year, reflecting the impact from capacity
additions and weather conditions. January has seen the renewables fleet
continue to experience periods of variable weather conditions.

In electricity networks, the businesses have continued to deliver strong
operational performance to date.

The Group's full-year earnings outturn remains subject to a number of factors
over the remainder of the fourth quarter such as weather, market conditions,
and plant performance.

SSE plc will provide an update on performance for the final months of the year
in its Notification of Closed Period statement on 2 April 2025.

strategic PROGRESS

In December 2024, SSEN Transmission published its RIIO-T3 Business Plan which
set out a bold blueprint to deliver at least £22bn of critical grid
infrastructure in the five years to 2031, enabling the UK and Scotland's
energy security and net zero goals. The plan also highlights an additional
£9.4bn of potential future expenditure, which could bring total investment
over the price control period to around £32bn. The business expects to have
completed the submission of its remaining ASTI projects into planning within
the coming months.

SSE Renewables continues with delivery of its pipeline, with first power
achieved at the 101MW Yellow River onshore wind farm and a financial
investment decision taken on 208MW Strathy South onshore wind farm. Turbine
installation continues on the first phase of Dogger Bank offshore wind farm,
with completion still expected in the second half of calendar year 2025. And
in December, it was confirmed that a second vessel has been reserved from 2026
to support turbine installation across the second and third phases of the
project.

SSE Thermal has taken a Final Investment Decision on construction of Tarbert
Next Generation power station in Co Kerry. Backed by a 10-year capacity
agreement and scheduled for completion in late 2027, this 300MW sustainable
biofuel plant will support energy security and a low-carbon future in Ireland.
This follows news of 522MW of de-rated electricity generation capacity secured
in the Ireland T-4 2028/29 Capacity Auction, at a significantly increased
clearing price of €149,960/MW.

Barry O'Regan, Chief Financial Officer, said:

"We are pleased to report good operational performance during the quarter and,
more recently, we were able to provide a swift and effective response to Storm
Eowyn, with our teams expertly managing widespread network disruption. Looking
further ahead, our resilient and balanced business mix continues to give us
confidence in achieving targeted adjusted earnings per share of between 175 -
200p in 2026/27.

"Thanks to our focus on renewables, networks and system flexibility, we are a
key delivery partner in the UK's Clean Power Action Plan. As we look to the
opportunities presented by decarbonisation our focus remains on capital
discipline, strategic delivery and the efficient operation of our
value-creating assets."

 

Appendix: operational PERFORMANCE

 

SSE Renewables

 

 Output - GWh                   9 months to                        9 months to

31 December 2024
31 December 2023
 Onshore wind generation        4,154                              3,109
 Offshore wind generation       2,819                              2,056
 Conventional hydro generation  2,003                              1,947
 Pumped storage gross output    244                                224
 Battery gross output           33                                 -
 Total renewables output        9,253                              7,336

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

 

SSE Thermal

 Output - GWh                       9 months to                        9 months to

31 December 2024
31 December 2023
 Gas-fired generation (GB)          11,420                             9,563
 Gas-fired generation (ROI)         1,039                              1,234
 Total gas-fired generation output  12,459                             10,797

Notes:

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

2. Output includes 97GWh of oil-fired generation in the nine months to 31st
Dec 2024 and 86GWh of oil-fired generation in the same period in 2023.

 

 

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

 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Glenn Barber        +44 (0)345 0760 530
            MHP                                                           Oliver Hughes       +44 (0)7885 224 532
                                                                          James McFarlane     +44 (0)7854 142 665

 

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