Profit forecast up at SSE

Barry White

The multinational energy company SSE plc (formerly Scottish and Southern Energy plc) based in Perth, Scotland, has increased its full-year profit forecast after its gas-fired plants and storage sites benefited from higher gas prices reports the Financial Times Weekend (21/22 January) . The energy company reported that adjusted earnings were expected to rise to more than 150p a share in the 2022/23 financial year, up from its earlier figure of at least 120p.

Output from its gas power plants was 27% higher in the nine months ending last December compared with the previous year. Around 40% of the UK’s onshore gas storage facilities are owned by SSE making it one of the UK’s biggest energy companies.

In November SSE reported a fourfold increase in profits in the six months to September.

The company says that it is extending its renewables overseas port-folio as well as looking at expanding into hydrogen, carbon capture, solar and batteries, increasing its hydro-electric power activities and developing an offshore windfarm at Dogger Bank.  The North Sea project is a joint venture partnership between SSE Renewables (40%), Equinor (40%) and Vårgrønn (20%) and when completed is expected to have an operational life of around 35 years.

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