UK's SSE posts 20% jump in first-half renewable energy output, reiterates outlook

SSE Reports 20% Increase in Renewable Energy Output, Maintains 2024 Outlook

First-Half Performance and Strategic Investments

Oct 1 (Reuters) - British utility SSE reported a nearly 20% rise in renewable energy output for the first half of the year, helped by investments across major projects and favourable weather conditions.

Key Financial Highlights

Here are some details:

Earnings and Guidance

• SSE expects first-half adjusted earnings per share (EPS) to remain between 64 and 68 pence, reflecting lower seasonality as regulated networks make up a larger share of group earnings.

Investment and Project Development

• Investment across its regulated networks business increased about 70% from a year earlier, driven mainly by transmission projects, with progress continuing across 11 major developments.

Renewables Expansion Plan

• The electricity provider launched a £33 billion ($43.74 billion) five-year investment plan last year to expand its renewables business and upgrade Britain's ageing electricity grid to meet rising power demand.

Outlook and Financial Position

EPS Guidance and Long-Term Targets

• The company reiterated its full-year adjusted EPS guidance of 168p to 193p and 2029/30 target range of 225p to 250p.

Capital Expenditure and Debt Forecast

• The group expects to invest around £2.5 billion during the first half and forecasts adjusted net debt and hybrid capital of about £11.5 billion.

Currency Exchange Rate

($1 = 0.7544 pounds)

Reporting Credits

(Reporting by Atharva Singh in Bengaluru; Editing by Subhranshu Sahu)