Britain's SSE on track to invest 7.5 billion pounds in low-carbon projects
Reuters
Published May 26, 2021 07:34
Updated May 26, 2021 11:30
By Susanna Twidale
LONDON (Reuters) -British renewable power generator and network operator SSE (LON:SSE) Plc said on Wednesday it was on track to invest 7.5 billion pounds ($10.6 billion) in low-carbon projects up to 2025.
The company turned its focus to renewable power generation and networks after selling its household energy supply and services arm to OVO Energy at the beginning of 2020 in a deal worth 500 million pounds.
SSE is building the world largest offshore wind farm, Dogger Bank, off the coast of Britain, with Norway’s Equinor. The partners sold a 10% stake in the project each to oil firm ENI (MI:ENI) this year, each retaining 40%.
The company will bid in an Scottish offshore wind tender this year and seek more international opportunities, Chief Executive Alistair Phillips-Davies told journalists.
SSE is part of a consortium bidding in an Danish offshore wind tender and partnering with Spanish renewable developer Acciona S.A to look at opportunities in Spain and Portugal.
"We remain interested in the U.S." the CEO said, where the firm was looking at onshore and offshore wind and solar opportunities.
The company said on Wednesday it expected to sell its stake in Scotia Gas Networks (SGN) by the end of the year, starting the disposal process in mid-summer 2021.
SSE reported a 1% rise in adjusted operating profit to 1.507 billion pounds for the year ending March 31, broadly in line with expectations.
The impact of coronavirus led to a 170 million pound hit to profits for the financial year, as measures to limit the spread of the virus hit energy demand, SSE said.
It did not give any guidance for the 2021/22 full year but said it would maintain its five-year dividend plan to March 2023.
($1 = 0.7065 pounds)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.