SSE invested £0.9bn in its Networks business over the first quarter.
Renewables output surges 31% to 3.3TWh.
Full-year earnings per share guidance reiterated at between 168-193p.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“SSE had an electric start to the year, with favourable weather conditions and capacity additions helping output from its Renewable assets to jump 31% to 3.3TWh. However, renewables aren’t always reliable, so more flexible gas-fired plants are still on hand to plug the energy gap during periods when the wind isn’t blowing, and renewable output falls short.
The group is also making good progress on its mammoth £33bn five-year investment plan to upgrade its energy infrastructure. About £0.9bn of this year’s £5bn target has already been spent upgrading its regulated UK electricity networks in the first quarter, with the majority of the total budget earmarked for this purpose. We like the shift in investment focus towards networks. Not only is this division’s revenue power tied to the value of its asset base, but these revenues are also positively linked to inflation, providing valuable protection if macroeconomic conditions deteriorate. The strong start to the year sets SSE up well to fall comfortably within its full-year earnings per share guidance range of 168-193p, marking growth of around 18% at the midpoint.”
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