RNS Number : 6201N
30 September 2021
NOTIFICATION OF CLOSED PERIOD STATEMENT - AMENDMENT
30 September 2021
The following amendment has been made to the 'Notification of
Closed Period Statement' announcement released on 29 September at
07:00hr under RNS No 2843N.
SSE plc advises that the full-year dividend expected to be
recommended by SSE for 2021/22 should have read '81p plus RPI
inflation' rather than '80p plus RPI inflation'.
All other details remain unchanged. The full corrected
announcement is set out below.
NOTIFICATION OF CLOSED PERIOD
29 September 2021
-- Strategic focus remains clear and progress continues with the
announcement of entry into the Japanese offshore wind market.
-- Operational performance in Renewables impacted by market
volatility and unfavourable weather conditions with output down 32%
or 1.2TWh in the period to 22 September, an 11% shortfall on
forecast total output for the full year.
-- Financial outlook expecting to report adjusted earnings per
share in the range of 7.5p to 10p for the half-year. Due to the
resilience of SSE's business mix it remains confident about
delivery of solid financial performance for the full year.
SSE plc is due to publish and virtually present its financial
results on 17 November 2021 for the six months to 30 September
As outlined within its RNS on 20 September in response to media
speculation, the Board remains - as ever - fully focused on
strategic choices which will drive shareholder and societal value
from the wealth of net zero opportunities SSE is creating.
Through the successful GBP2.7bn disposal programme which has
further reshaped the group towards low-carbon electricity
infrastructure, SSE's strategic focus is on renewables and
regulated electricity networks, supported by carefully chosen
complementary businesses which include flexible low-carbon
generation. Its business mix contains exciting growth potential
aligned with net zero targets and shares common capabilities in the
development, building, operation and financing of low-carbon
electricity infrastructure. SSE is currently building more offshore
wind than any company in the world, expanding internationally, and
investing in the decarbonising infrastructure that society
As outlined in May, SSE will provide an update on its plans to
further accelerate growth in its portfolio with its Half-year
Results in November. This will include details of upweighted
capital investment for the period to 2026, the sources of funding
to underpin the plans, as well as the company's vision for further
growth ambitions extending into the 2030s.
As the Board progresses its plans to accelerate growth and
create value, it will continue to engage with shareholders and
In the period since reporting of its Full-year Results on 26 May
2021, SSE has:
-- Today separately announced its entry into the Japanese
offshore wind market through the creation of a new offshore wind
joint ownership company with Pacifico Energy, one of Japan's
largest developers of renewable energy, which includes the
acquisition of an 80% interest in an offshore wind development
-- Amalgamated Berwick Bank and Marr Bank offshore wind farms,
off the east coast of Scotland, into one single wind farm - now
known as Berwick Bank wind farm. With a potential capacity of up to
4.1GW, Berwick Bank wind farm would more than double the size of
current offshore wind either in construction or currently
operational in Scotland.
-- Continued to make good progress on the construction of its
offshore wind projects, with Seagreen receiving delivery of its
first jackets at the Port of Nigg ahead of installation in the
autumn and on Dogger Bank, onshore construction on both phases A
and B is progressing to plan. The first offshore works will
commence in Q2 2022 with installation of the HVDC export cables for
Dogger Bank A.
-- SSE Renewables, through its newly incorporated entity SSE
Renewables North America, has submitted a pre-qualification
application to the Bureau of Ocean Energy Management (BOEM) to
participate in the New York Bight Auction in the USA
-- Submitted an Initial Needs Case under the RIIO-T2 Uncertainty
Mechanism for a proposed GBP400m replacement transmission line
between Fort Augustus and Skye and will shortly be submitting an
Initial Needs Case for upgrading the Argyll transmission network to
-- Published and engaged with stakeholders on a comprehensive
and ambitious RIIO-ED2 business plan, ahead of submission to Ofgem
-- Welcomed COP26 President Alok Sharma to the former
Ferrybridge power station for the symbolic demolition of the
coal-fired plant's chimney stacks.
The output from SSE Renewables' assets in the period from 1
April to 22 September was around 32% or 1.2TWh below plan, which,
given the seasonal nature of the business, represents an 11%
shortfall on SSE's forecast total output for the full year. This
shortfall was driven by unfavourable weather conditions over the
summer, which was one of the least windy across most of the UK and
Ireland and one of the driest in SSE's Hydro catchment areas in the
last seventy years.
Performance was also affected by the requirement to buy back
hedges in volatile markets.
Both scheduled and unscheduled outages have had an impact on
availability of SSE's Thermal plant, but market volatility has
improved performance at SSE's Gas Storage operations in recent
SSE remains focused on long-term, sustainable financial
performance, and it remains confident about delivery of solid
financial performance for the full year. In light of the factors
outlined above, SSE expects to report adjusted earnings per share
in the range of 7.5p to 10p for the half-year.
Also, and in line with its dividend plan to 2023, SSE expects to
recommend a full-year dividend of 81 pence plus RPI inflation.
Based on RPI of 3.75%, an interim dividend for 2021/22 of 25.3
pence is expected to be paid in March 2022.
Finance Director, Gregor Alexander, said:
"SSE's very deliberate mix of economically regulated and
market-based businesses provides resilience against seasonal
variability. The operational issues we've faced in the first half
are, by their nature, time-limited and the key months of our
financial year are still to come.
"The successful reshaping of the Group through our disposals
programme has sharpened the focus on our core renewables and
electricity networks businesses, and those businesses that are
truly complementary to them. We are creating significant growth
opportunities, most recently with our Japanese announcement
"We look forward to updating the market with an ambitious new
investment plan that will optimise the SSE Group's options and
opportunities in the transition to net zero, and to partnering with
the UK Government as Principal Partner of COP26 in Glasgow."
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(END) Dow Jones Newswires
September 30, 2021 11:40 ET (15:40 GMT)
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