Interim profits at renewable energy company SSE on Wednesday rose by a third as the company pledged to invest £12.5bn in green capital expenditure.
Adjusted pre-tax profits increased 30% to £174.2m as its gas storage operation helped to offset a fall in renewables earnings. SSE said it had made a strong start to the second half of the year, with renewables volumes above plan in October, and thermal and hydro plant in particular achieving strong prices in the market.
Subject to normal weather, plant availability and similar levels of commodity prices over the coming winter months, SSE said it expected to report full year adjusted earnings per share at a level which is at least in line with consensus of analysts’ forecasts of 83p.
The 65% step-up in capital expenditure is the equivalent of an extra £1bn a year, the company said on Wednesday. It also declared a 25.5p a share dividend.
