SSE
plc
q1
trading statement
18 july
2024
·
Operational
performance in line with expectations; Renewables output for the
quarter 60% up year-on-year
·
Continuing to
expand high quality asset base, with delivery milestones reached on
a number of vital energy infrastructure projects in the
quarter
·
New UK
Government's clean energy mission aligned with SSE's fully-funded
Net Zero Acceleration Programme Plus (NZAP Plus) investment
plan
This Trading Statement reiterates
SSE's financial outlook as provided in its Preliminary Full-year
Results on 22 May 2024, and provides operational performance data
ahead of today's SSE plc Annual General Meeting.
TRADING UPDATE
Q1 performance has been in line with
expectations and continues to demonstrate the strength and
stability provided by SSE's balanced mix of regulated and
market-based businesses that are at the heart of the energy
transition.
Renewable output in Q1 was 60%
higher when compared to the same period last year, reflecting a
return to more normalised weather conditions over the period, in
addition to year-on-year capacity increases.
Financial expectations for
individual business units as set out in May therefore remain
unchanged, and continue to be subject to weather, market conditions
and plant availability across the key winter months to come.
DELIVERING Mission-CRITICAL ENERGY
INFRASTRUCTURE
Delivery of SSE's fully-funded, £20.5bn NZAP Plus
investment plan continues to progress, with a number of recent
developments and milestones on major projects:
· Good
progress made on Shetland, with first power generated at Viking
onshore wind farm ahead of full energisation of both the wind farm
and SSEN Transmission's HVDC link to the mainland expected in the
coming weeks.
· Final
turbine installed on Yellow River onshore wind farm, with project
on track for commercial operations early in 2025.
·
Construction progressing on Dogger Bank A offshore wind farm with
27 turbines either fully or partly installed and the project
continues to target full commercial operations during the first
half of 2025.
· Enabling
works continuing at pace on SSEN Transmission's Eastern Green Link
2 between Peterhead and Drax while HVDC cable supply contracts have
been agreed with NKT on projects in Aberdeenshire and the Western
Isles.
In addition, highlighting the opportunities available
beyond the current investment plan, SSE has confirmed that it will
proceed with development of the 2GW Alpha offshore wind tender site
(SSE share 50%) in the IJmuiden Ver Wind Farm Zone in the
Netherlands. Subject to reaching a Final Investment Decision, the
project could be commissioned by the end of the decade.
Barry O'Regan,
Chief Financial Officer, said:
"We have made
a solid start to the financial year as we convert our premium
project pipeline into high-quality sustainable
earnings.
"We remain on
track to meet our 2027 growth targets that are underpinned by
world-class assets and balance sheet strength, with two-thirds of
revenue either regulated or already backed by existing government
policy.
"The outlook
is supported by the enhanced clean power target of the new UK
Government which recognises the essential need for investment in
renewables, flexible power and electricity networks - areas where
SSE has unrivalled capability and significant growth
potential."
operational PERFORMANCE
SSE
Renewables
Output -
GWh
|
3 months
to
30 June 2024
|
3 months
to
30 June 2023
|
Onshore wind generation
|
1,069
|
715
|
Offshore wind generation
|
874
|
496
|
Conventional hydro generation
|
565
|
341
|
Pumped storage generation
|
88
|
73
|
Total renewables
output
|
2,596
|
1,625
|
Note: Output based on equity share
and includes compensated constrained off generation.
SSE
Thermal
Output -
GWh
|
3 months to
30 June 2024
|
3 months to
30 June 2023
|
Gas-fired generation (GB)
|
3,072
|
3,218
|
Gas-fired generation (ROI)
|
266
|
496
|
Total gas-fired
generation output
|
3,338
|
3,714
|
Notes:
1. Output is based on equity share
except Marchwood where 100% of volumes are included due to the
contractual arrangement.
2. Output includes 27GWh of
oil-fired generation in the three months to 30 June 2024 and 29GWh
of oil-fired generation in the same period in 2023.
sse
plc annual general meeting 2024
SSE's Annual General Meeting 2024 takes place today,
18 July, at 12.30pm in Perth.
SSE will issue a further business update with its
Notification of Close Period statement on 3 October 2024.
Enquiries
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Investors
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SSE Investor
Relations
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ir@sse.com
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Michael Livingston
Marlon Hall
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+44 (0)345 0760 530
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Media
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SSE Media
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media@sse.com
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Sam Peacock
Glenn Barber
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+44 (0)345 0760 530
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MHP Group
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Oliver Hughes
James McFarlane
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+44 (0)7885 224 532
+44 (0)7584 142 665
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