Introduction
SSE plc (LON:SSE) has released its Q3 2024/25 Trading Statement, providing an update on financial expectations, operational performance, and strategic initiatives for the period ending 31 December 2024. The company maintains its full-year adjusted EPS guidance of 154 – 163 pence, supported by strong renewables output growth and continued investment in clean energy infrastructure.
Key Highlights
- Full-Year EPS Guidance: Adjusted earnings per share (EPS) for 2024/25 are expected to be between 154 – 163 pence, reflecting solid operational performance despite variable weather conditions.
- Renewables Growth: Renewable energy output increased 26% year-on-year for the first three quarters, driven by capacity additions and weather impacts.
- Electricity Networks: Strong operational performance continues across the sector.
- Strategic Investment: SSEN Transmission’s RIIO-T3 Business Plan outlines at least £22bn in critical grid infrastructure investments through 2031, with potential additional expenditures reaching £32bn.
- Renewables Expansion: SSE Renewables achieved first power at the 101MW Yellow River onshore wind farm and approved a 208MW Strathy South project. Dogger Bank offshore wind farm remains on track for completion in H2 2025.
- SSE Thermal Growth: Tarbert Next Generation power station (300MW biofuel plant) in Ireland secured a 10-year capacity agreement, supporting long-term energy security.
Operational Performance
| Segment | 9M to 31 Dec 2024 (GWh) | 9M to 31 Dec 2023 (GWh) | YoY Change |
|---|---|---|---|
| Onshore Wind | 4,154 | 3,109 | +33.5% |
| Offshore Wind | 2,819 | 2,056 | +37% |
| Conventional Hydro | 2,003 | 1,947 | +2.9% |
| Pumped Storage | 244 | 224 | +8.9% |
| Battery Storage | 33 | – | – |
| Total Renewables | 9,253 | 7,336 | +26% |
| Gas-Fired Generation | 9M to 31 Dec 2024 (GWh) | 9M to 31 Dec 2023 (GWh) | YoY Change |
|---|---|---|---|
| GB Output | 11,420 | 9,563 | +19.4% |
| ROI Output | 1,039 | 1,234 | -15.8% |
| Total Gas Output | 12,459 | 10,797 | +15.4% |
Management Commentary
Barry O’Regan, Chief Financial Officer, stated:
“We are pleased with our operational performance, particularly in response to Storm Eowyn. Looking ahead, our diversified business model supports our EPS target of 175-200p in 2026/27. With a focus on renewables, networks, and system flexibility, we remain a key player in the UK’s Clean Power Action Plan.”
Outlook
SSE plc will provide a further update in its Notification of Closed Period Statement on 2 April 2025.
