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    TOP NEWS: SSE maintains forecast despite renewable output drop


    September 27, 2022 - By Chris Dorrell; chrisdorrell@alliancenews.com

     

      (Alliance News) - SSE PLC on Tuesday said its "balanced business mix" was enabling the electricity provider to navigate volatile market conditions, as its renewable output fell by 13%.

      In a trading update issued ahead of the publication of its half year results, SSE said it expected adjusted earnings per share of at least 40 pence. Lower-than-expect output from renewables - mainly due to weather - was compensated by the continued good performance from gas storage and flexible thermal.

      Across the full year, SSE expects adjusted earnings per share of at least 120 pence, unchanged from its original full-year guidance. It cited its balanced portfolio of assets, including electricity networks, renewables and flexible generation, as enabling it to perform well in volatile market conditions.

      The Perth, Scotland-based company cautioned that risks remain for a variety of different reasons. Market uncertainty and liquidity, a "fast-moving" policy environment, weather variability, plant availability and the complexity and scale of large capital projects were all cited as potential obstacles

      SSE confirmed that any additional profit it may generate "will be reinvested in projects that will provide long-term solutions that help reduce the UK's exposure to volatile international gas prices."

      SSE said it was "investing at record levels...in the clean electricity infrastructure" including the construction of the world's largest offshore wind farm, at Dogger Bank in the North Sea.

      In August, the company also reported its first power from Seagreen, Scotland's largest offshore wind farm.

      Finance Director Gregor Alexander said: "Our balanced business mix has ensured a strong performance to date, however in such highly volatile market conditions, financial performance for the full year will be significantly influenced by plant availability, weather and commodity price movements."

      Shares in SSE were trading 1.2% lower at 1,651.00 pence each in London on Tuesday morning. The wider FTSE 100 index was up 0.4%.

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