SSE announces plans to invest billions as operating profit increases
SE’s operating profit has risen to £2.53 billion as the energy company unveiled plans to spend billions upgrading its infrastructure.
The Perth-based FTSE 100 company said on Wednesday its adjusted operating profit had risen since 2021/22 as it announced plans that could see it invest up to £40billion over the next decade, with more than that Half of that is set aside for Scotland.
Chief Executive Alistair Phillips-Davies said the numbers are “profits with meaning” and enabled SSE to “make record investments in vital low-carbon energy infrastructure that far exceed our revenues.”
In the company’s full-year results for 2022/23, it announced adjusted profit after tax of £1.8bn and said it had invested £2.8bn in the same year.
As a Scottish headquartered company, we are incredibly proud to be one of Scotland’s largest investors, supporting tens of thousands of jobs and helping the country accelerate its progress towards net zero
SSE is behind the world’s largest offshore wind farm, Dogger Bank, off the Yorkshire coast.
The company said the investment program will result in SSE deploying renewable energy, the network infrastructure needed to connect and transport it across the country, and the power sources needed when the wind isn’t blowing and the sun isn’t seems will expand.
More than £21 billion could be spent in Scotland as part of its investment programme, the company says.
And across the UK, according to SSE, this would create more than 1,000 green jobs every year.
Mr Phillips-Davies said: “As a Scottish-headquartered company, we are incredibly proud to be one of the largest investors in Scotland, supporting tens of thousands of jobs and helping the country accelerate its progress towards net zero.”
The company reported on Wednesday that its adjusted earnings per share rose 75% year-on-year to 166 pence, which it said was due to strong performance from the group’s flexible generation and gas storage assets.
https://www.standard.co.uk/business/business-news/sse-announces-plans-to-invest-billions-as-operating-profit-rises-b1083473.html SSE announces plans to invest billions as operating profit increases