SSE Renewables

“Interim adjusted Earnings Per Share is therefore expected to be between 64 and 68 pence, reflecting a lower level of seasonality compared to prior years given an increasing proportion of earnings being generated from regulated networks.”

SSE tested the carrying value of its Japanese offshore wind development business, SSE Pacifico, after incumbents surrendered Round 1 revenue support contracts, and reviewed its capex, opex and price assumptions. No impairment was booked, but headroom was only GBP 34.3m, and a 2% rise in construction cost estimates would reduce it to nil. The model values three early-stage projects out of the 11 acquired.

“In the Networks businesses, gross RAV is expected to more than treble to around £40bn and, with selective and disciplined investment, Renewables installed capacity is set to almost double to around 9GW by the end of the plan.”

“The UK's intention to run Allocation Round 8 in the second half of 2026 is a positive step for the energy transition. As with AR7, ambition on capacity will be critical to sustaining offshore delivery and value for consumers.”

“We are delighted Berwick Bank B has been successful in AR7 and has secured a CfD for 1.4GW of essential new low-carbon power for the UK at a competitive price for consumers. If built to its full projected capacity of more than 4GW, Berwick Bank Wind Farm can rank among the largest offshore wind projects globally. It would represent the single most significant contribution toward achieving the Scottish and UK Governments' offshore wind targets and can accelerate the delivery of homegrown, affordable, and secure clean energy to UK consumers from excellent Scottish offshore wind resources.”

“Today's transformational investment plan will help build a cleaner, more secure and more affordable energy system. Upgrading the UK electricity network offers a once-in-a-generation opportunity for accelerated investment that is underpinned by secure UK Government regulatory frameworks. […] Our focused, disciplined and comprehensively funded investment plan will improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”

SSE reported that 88 of 95 turbines had been installed at Dogger Bank A, with completion on track by end of 2025. Foundations and offshore cables on Dogger Bank B are complete with turbine installation to follow immediately after phase A. On Dogger Bank C, transition piece installation is nearly complete with cable laying due to finish by mid-2026. Berwick Bank B has secured a CfD for 1.4 GW in AR7 and will progress toward FID in line with SSE's hurdle rates and investment criteria, expected in 2027.

“The Scottish Government's decision to grant a consent order for Berwick Bank Offshore Wind Farm is hugely welcome. At over 4GW of potential capacity, Berwick Bank can play a pivotal role in meeting the mission of Clean Power 2030 for the UK and achieving Scotland's decarbonisation and climate action goals. Berwick Bank has the potential to rapidly scale-up Scotland's operational renewable energy capacity and can accelerate the delivery of homegrown, affordable and secure clean energy to UK consumers from Scottish offshore wind.”

“SSE continues to prove the benefits of a portfolio that is built to withstand risk and uncertainty and a strategy that is focused on creating sustainable value. We have met our financial goals for the year and evolved our investment plans to reflect the changing world around us - leaning into the opportunities presented in networks and redoubling our capital discipline across our energy businesses. We are particularly well placed to contribute to future energy systems in our home markets built on renewables, networks and flexibility.”

“Energy security and price stability are economically critical. We must build both. You cannot be in a big, developed economy without access to energy. We are moving from having power stations near coal mines and cities, to running turbines up on windy moors and fells in remote parts of the UK and offshore. That requires a fundamental rewiring of our entire grid system. Because we are always installing new turbines, it means we are always iterating and improving on the generating technology. We removed 70% of the cost of generation between the late 2000s and 2020, going from GBP 140 a unit to about GBP 40 a unit.”

“SSE will be a key delivery partner with our approximately GBP 20bn investment programme and the scale and quality of our project pipeline that spans renewables, electricity networks and flexible power plants. Our unique position gives us exceptional growth opportunities and clear targets that will deliver long-term value to shareholders and society.”

“Renewables, flexible power and electricity networks are the building blocks of a cleaner and more secure energy system. With world-class assets and capabilities, and enhanced visibility of growth in transmission, SSE is ideally placed to benefit from this structural trend, creating value for shareholders and society. Our immediate focus is on delivering our financial and operational growth targets out to 2026/27 and we are on track to do this, converting our premium organic project pipeline into high-quality sustainable earnings.”

“Today is one for the history books as we announce that Dogger Bank, which will become the world's largest offshore wind farm when complete, has produced power for the first time from UK waters. It's undoubtedly a landmark moment for our project team, for SSE Renewables and for our partners Equinor and Vargronn - but it's also an historic moment in Britain's transition to a net zero future. At SSE, we talk about how it's action, not just ambition, that will deliver the solutions to tackle the climate emergency - and, for me, today's milestone sums up how we're delivering on those words.”

“Action, not just ambition, is what is needed to provide lasting solutions to the problems of climate change, energy affordability and security. The NZAP, as we call it, was only ever a baseline plan and now, 18 months on, the addition of a 'Plus' reflects new projections including upgraded capex and new growth targets. Under the NZAP Plus we plan to invest GBP 18bn out to 2026/27, or around GBP 10m a day, in the infrastructure needed for net zero and energy security.”

“We're delighted to have been successful in winning our preferred site in the highly competitive ScotWind process, which is testament to the strength of our partnership with Marubeni and CIP. SSE is playing a major role in delivering Scotland's offshore wind ambitions for 2030 and beyond, with construction of Seagreen in the near term, development of Berwick Bank and now this ScotWind project which will be one of the largest floating wind sites in the world.”

“It is a fantastic achievement to be reaching financial close on the third phase of the world's largest offshore wind project.”

“The sale of a stake in Dogger Bank Wind Farm to Eni is another successful example of SSE's approach to partnering to create and secure value for shareholders. This transaction will enable us to fund further low carbon growth opportunities, helping to deliver governments' net zero ambitions and our own target to treble our renewable output by 2030.”

“We are proud to be leading on the construction and development of Dogger Bank Wind Farm, which has been 10 years in the making. This investment will help drive a green recovery from coronavirus through the project's construction over the next five years, creating jobs and boosting the local economy. Achieving financial close for the first two phases of the world's largest wind farm is a huge accomplishment and, alongside reaching Seagreen 1 financial close earlier this year, represents significant progress towards achieving our goal of trebling our renewable output by 2030.”