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(Sharecast News) - Energy firm SSE said on Thursday that it was on track to meet guidance as networks investment and renewables output surged in the first quarter, reiterating the financial outlook it had set out in May.
SSE reported an 83% yearonyear increase in networks investment, with 900m deployed across major ASTI and LOTI transmission projects and higher spend in distribution ahead of December's ED3 businessplan submission. Renewables output was 31% higher on the back of favourable weather and continued capacity additions.
The FTSE 100-listed firm reaffirmed adjusted earnings per share guidance of 168p to 193p for 2026/27 and 225p to 250p for 2029/30, noting that expectations remain subject to weather, market conditions and plant availability, with the key winter period still to come.
Strategic delivery continued to progress across SSE's 33bn fiveyear investment plan, with construction beginning on the Netherton Hub to support the EGL3 and EGL5 subsea links, preparatory work advancing on the Western Isles HVDC link, and installation at Dogger Bank B accelerating, with 30 turbines now in place. SSE also started building its 180MW Platin power station in Ireland, backed by tenyear capacity agreements.
SSE also highlighted that it had strengthened its funding position, raising 1.1bn of hybrid debt at a 4.6% cost and 1.3bn of senior debt at 5.1%.
Chief executive Barry O'Regan said: "Since announcing our 33bn investment programme to unlock the enormous growth opportunity of UK electricity networks, we are continuing to see real progress as we work to deliver the plan, and in doing so we are underpinning compounding, long-term earnings growth and creating significant value for investors.
"Recent momentum has given increased visibility over the delivery of our 2030s pipeline as the system operator's strategic plans begin to crystalise and further transmission projects emerge. We remain confident in sustained momentum behind a homegrown energy system that will deliver secure, more affordable electricity, support economic growth and create significant long-term investment opportunities across our businesses."
As of 0900 BST, SSE shares were down 0.32% at 2,460p.
Reporting by Iain Gilbert at Sharecast.com
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