UK SSE raises full-year outlook

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An SSE vehicle is parked in front of Pitlochry Dam hydroelectric power station in Pitlochry, Scotland, Britain November 8, 2017. REUTERS/Russell Cheyne/File Photo

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Feb 8 (Reuters) – British renewable energy generator and grid operator SSE Plc (SSE.L) on Tuesday raised its full-year 2021/22 adjusted earnings forecast to at least 90 pence from at least 83 pence, the company said in a third quarter trading update.

“This reflects the strength and stability offered by SSE’s balanced mix of regulated and market-oriented businesses, including good financial performance from flexible thermal and hydroelectric power plants, which more than offset lower-than-planned renewable energy output,” added add it.

Renewable energy production was 19% below plan for the first nine months, mainly due to a dry and windless summer, SSE said.

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Electricity production from its gas-fired power plants fell 14% year over year, but continues to provide valuable balancing services in an increasingly renewable energy-led system.

“Its profitability is therefore less dependent on production volume and financial performance for the year is expected to be ahead of plan,” SSE said.

SSE said it remains on track for its full-year 2021/22 investment guidance of over £2 billion ($2.70 billion) and expected net debt to be around £9 billion at the end of the financial year on March 31.

The latter expected to receive proceeds from the sale of its 33.3% stake in Scotia Gas Networks (SGN) before the end of the year. Continue reading

In November, the company announced an increase in its green investment spending plans as it focuses on renewable energy and grids. Continue reading

($1 = 0.7397 pounds)

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Reporting by Nora Buli in Oslo; Adaptation of Carmel Crimmins and Louise Heavens

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