Britain’s SSE says first-quarter trading beats expectations

(Reuters) – British power company SSE Plc said on Thursday first-quarter performance slightly exceeded its expectations, supported by strong production at its thermal and renewable energy plants amid surging energy prices.

British and European gas prices have jumped over the past year, peaking at record levels after Russia’s invasion of Ukraine and concerns that Russian gas supply to Europe could be severely constrained.

SSE said its electricity output from renewable sources across the UK and Ireland stood at 93 Gigawatt hours (GWh) or around 5% in the three months ended June 30.

The group reiterated its full-year forecast and expectations that annual adjusted capital expenditure and investments would total more than 2.5 billion pounds ($3 billion).

The company plans to invest up to 24 billion pounds for British energy infrastructure this decade, the power firm said, adding that it had begun a formal sale process to dispose of a 25% stake in the SSEN Transmission business.

($1 = 0.8340 pounds)

(Reporting by Muhammed Husain in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)