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SSE record breaking investment bolsters renewable energy with £40bn funding

By: Chloe Emanuel 24/05/2023 SSE

General Windfarms

SSE has laid out plans that could see it invest up to £40bn in the next decade, helping to deliver cleaner, more secure and more affordable energy.

The investment programme will see the company ramp up its deployment of renewable energy, the vital network infrastructure to connect and transport it around the UK, and the flexible power sources to back it up.

The plan comes as SSE publishes its financial results for full year 2022/23, reporting a record investment of £2.8bn for the year, over 50% more than its £1.8bn adjusted profit after tax in the same period. As the company builds out critical energy projects including the world’s largest offshore wind farm at Dogger Bank.

The results reveal adjusted earnings per share increasing 75% year on year to 166p, in line with pre close guidance. SSE has continued to invest in optimising these assets despite challenging financial performance in recent years, and the market is now recognising the value they aim to provide.

Strong financial performance, combined with increasing visibility over its pipeline of investment opportunities over the coming decade, has enabled SSE to update its previous capital expenditure plans, with the fully funded element of the plan increasing by more than 40% to £18bn.

The Group is investing in electricity networks and offshore wind, with mention of other renewables on top of developing new power generation and storage technologies.

Alistair Phillips Davies, Chief Executive of SSE plc, said: “The results that we have reported today represent profit with a purpose. They enable us to deliver record investment – far in excess of our earnings – in vital low-carbon energy infrastructure. They are also testament to the strength of our balanced business mix and net zero-aligned strategy, which sees us investing in the solutions to the energy crisis."

Strong overall financial performance helped the group continue to invest more than it made in profits with a record £2.8bn investment as it delivered:
- First power at Seagreen, Scotland’s largest and the world’s deepest tethered offshore wind farm.
- Continuing progress on building Dogger Bank, which will be the world’s largest offshore wind farm, with first power expected later this year.
- Completed laying the majority of a 260km subsea cable that will ultimately connect Shetland, the UK’s windiest region, to the GB electricity grid for the first time.

In addition, the group paid more than £500m in taxes in the UK and has allocated £43m to the UK government’s Energy Generator’s Levy which came into effect in the final quarter of its financial year. The group contributed more than £6bn to UK GDP and supported over 40,000 jobs directly and indirectly. As previously announced, it is rebasing its dividend to 60p from 2023/24 to help fund its multiple growth opportunities.

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SSE record breaking investment bolsters renewable energy with £40bn funding

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