SSE Posts In-Line Operational Performance, Backs Guidance
By Anthony O. Goriainoff
SSE said that its first-quarter operational performance was in line with expectations, and that it is on track to meet its growth targets.
The FTSE 100 energy company said Thursday that its renewable electricity output rose to 2,596 gigawatt-hours in the first quarter of fiscal 2025 from 1,625 GWh the year before. The company said this reflected a return to more normalized weather conditions over the period as well as capacity increases.
Thermal power generation slipped to 3,338 GWh from 3,714 GWh a year earlier. Gas generation fell to 3,072 GWh from 3,218 GWh in the U.K., with gas-fired generation in Ireland falling to 266 GWh from 496 GWh the year prior.
SSE reiterated its target of 175 to 200 pence ($2.28 to $2.60) adjusted earnings per share for fiscal 2027.
The company said its outlook was supported by the U.K. government's enhanced clean-power target, which recognizes a need to invest in renewables, flexible power and electricity networks.
"We remain on track to meet our 2027 growth targets that are underpinned by world-class assets and balance sheet strength, with two-thirds of revenue either regulated or already backed by existing government policy," the company said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
July 18, 2024 02:40 ET (06:40 GMT)
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