SSE has reported a decline in profits due to underperformance in its renewables business.
The company expects its interim adjusted earnings per share to be at least 30 pence, primarily reflecting the usual seasonal fluctuations that bring the majority of annual earnings in the latter half of SSE’s financial year.
This guidance takes into account the weak performance of its renewable energy assets, which fell short of expectations with an output lagging around 19% behind plan for the six months ending on 30th September.
The company said adverse weather conditions played a significant role in this setback, resulting in a 7% shortfall relative to the full year’s projected output.
SSE’s Finance Director Gregor Alexander said: “Our primary focus remains on delivery of our five-year plan out to 2027, which is the platform for up to £40 billion of investment in net zero over the next decade.
“We have reached key milestones in the construction of our flagship renewables projects while gearing up to accelerate the build-out of critical network infrastructure and offering much-needed flexibility to the system.
“Our strong balance sheet and financial discipline continue to allow us to progress growth options within our diversified pipeline selectively. In the long term, there remains broad support for the accelerated build-out of secure, affordable, low carbon electricity infrastructure – both in the UK and internationally – enabling the continued creation of shareholder and societal value.”
