SSE trims spending plan by £3bn amid slowdown – Daily Business

Energy company SSE has cut its five-year spending plan by £3 billion amid a slowdown in projects and planning delays.

The Perth-based business expects to invest £17.5 billion which it says reflects “financial discipline in a changing macro environment”.

The company booked a £249.5 million impairment on its investment in renewables projects in southern Europe, reflecting a build-out that’s slower than planned because of sector-wide delays to permitting and grid connections.

Construction continues on all three phases of Dogger Bank offshore wind farm and it is on track with Phase A completion in the second half of 2025, with more than half of turbines installed.

Adjusted pre-tax profit for the year to the end of March slipped 3% to £2.14bn from £2.2bn.

It is recommend a final dividend of 43 pence taking full-year dividend to 64.2 pence or 7% higher than the prior year.

Alistair Phillips-Davies, chief executive, said: “SSE continues to prove the benefits of a portfolio that is built to withstand risk and uncertainty and a strategy that is focused on creating sustainable value.

“We have met our financial goals for the year and evolved our investment plans to reflect the changing world around us – leaning into the opportunities presented in networks and redoubling our capital discipline across our energy businesses.

“We are particularly well placed to contribute to future energy systems in our home markets built on renewables, networks and flexibility.

“This opportunity, alongside our balance sheet strength and the increased proportion of index-linked revenue we anticipate, gives us every confidence in our FY27 target of 175-200p earnings per share and sustainable growth to 2030 and beyond.”