SSE trims annual earnings outlook but expects renewables growth in UK

(Reuters) - British power generator and network operator SSE on Wednesday trimmed its guidance for annual adjusted earnings per share, but maintained its long-term profit expectations as it pushes ahead with its renewable energy goals.

It said it now expects earnings to be in a range of 155 pence to 160 pence for the 2025 fiscal year, against previous guidance of 154 pence to 163 pence.

SSE is poised to profit from Britain's goal to decarbonise its electricity sector by 2030 with rapid expansion in renewable energy generation, such as wind and solar, and major investments in grid connections.

The company said it plans to invest around 3 billion pounds ($3.87 billion) in the current year, under its Net Zero Acceleration Programme (NZAP) Plus plan.

In fiscal year 2024, SSE said its renewables output grew 9.8% from the previous year.

SSE expects renewables output to have grown 17% in the year ended March 31 boosted by an increase in capacity. That is despite of cold spells and stormy weather in Britain that have disrupted its distribution network in recent months.

SSE, which last week promoted its chief commercial officer to the chief executive role, reaffirmed its adjusted earnings target of 175 pence to 200 pence per share for the fiscal year ending March 31, 2027.

($1 = 0.7748 pounds)

(Reporting by Raechel Thankam Job in Bengaluru; Editing by Mrigank Dhaniwala and Joe Bavier)