SSE warns of £180m blow as renewables output shrinks March 30, 2021 London-listed energy supplier SSE has warned this morning of a £180m blow to its annual profits after its year-to-date renewables output was around nine per cent less than planned. Reduced wind generation and lower hydro volumes may have fuelled the blow, analysts have said. The network operator reported a five per cent dip in renewable [...]
SSE mulls sale of stake in gas firm SGN as part of £2bn disposals plan February 2, 2021 Energy giant SSE today said that it was mulling the sale of all or part of its stake in gas firm SGN as part of its £2bn disposals programme. SGN – formerly Scotia Gas Networks – owns and manages gas distribution to 5.9m households in Scotland and the south of England. SSE hold a 33 [...]
SSE takes Covid profit hit amid green energy push November 18, 2020 Energy giant SSE today said that profit before tax had fallen a quarter in the first half of the year due to the coronavirus pandemic. The FTSE 100 company said that the pandemic had cost it £115m over the last six months, with full year costs between £150m and £250m forecast. Adjusted profit before tax [...]
SSE joins net zero push with 2050 emissions pledge November 11, 2020 Energy giant SSE has become the latest business to commit to reaching net zero emissions by 2050, it was announced this morning. Over 1,000 companies have already signed up to the “Race to Zero” campaign, placing their operations in line with efforts to limit global warming to 1.5 degrees. The Scottish business has already put [...]
SSE sells energy from waste plants for £1bn October 13, 2020 SSE today announced that it would sell its stake in two energy from waste plants for £995m as it continues to raise money to invest in low-carbon projects. Shares in the FTSE 100 company rose 3.9 per cent in the morning’s trading. The divestment, which is expected to complete by the end of the year, [...]
SSE remains on track for £250m coronavirus hit September 30, 2020 Energy giant SSE today confirmed that it was on course for a £120m to £130m hit for the first six months of the year due to the impact of the coronavirus pandemic. Back in July, when it unveiled its full year results, the firm warned that the pandemic, which has caused power demand to drop, [...]
SSE fined £2m by Ofgem over ‘inside information’ failings September 3, 2020 SSE has been fined £2.1m by Ofgem for failing to publish inside information about the wholesale energy market. The FTSE 100 energy firm failed to publish timely information about the future availability of its generation capacity, the regulator said. This was likely to have had a “significant” effect on forward wholesale electricity prices, it added. [...]
Greencoat Wind to buy SSE wind farm stake for £350m September 1, 2020 Renewable investment fund Greencoat Wind will buy SSE’s 25.1 per cent stake in two wind farms off the coast of Cumbria for £350m. The Walney wind farms, which are situated nine miles off the Cumbrian coast, have a capacity of 367.2 megawatts. Danish power company Orsted holds a 50.1 per cent stake in the assets, [...]
Ovo pays out £1.2m over SSE’s missed smart meter targets August 21, 2020 Ovo Energy has paid £1.2m to the industry regulator after SSE Energy Services, which it acquired in January, missed smart meter installation targets. Energy suppliers are required to meet annual targets to install gas and electricity smart meters, as the government aims to roll out the technology to all homes and small businesses by the [...]
SSE sticks to low-carbon plan despite £250m coronavirus hit July 16, 2020 Energy firm SSE today said that it expected to take a £150m to £250m profit hit from the coronavirus crisis, which has sent power demand tumbling. Despite the hit, the FTSE 100 firm said it was continuing with its £7.5bn programme of investments in low-carbon energy sources. It added that it would continue to pay [...]