SSE: Total Renewable Output for the Year to Sept 22 Below Estimates

SSE: Total Renewable Output for the Year to Sept 22 Below Estimates

By Scott Kanosky – British energy company SSE PLC (LON:) indicated that its total renewable energy production for the year through September 22 missed expectations by about 13% due to adverse weather conditions.

The group also warned of risks from a “highly changing” trading environment, in particular from recent fluctuations in commodity prices linked to concerns about Russian gas supplies to Europe.

However, gas storage facilities and flexible thermal power sites in SSE – both major grid alternatives to weather-dependent energy sources such as solar and wind – performed “good” despite these market challenges.

Balancing these factors together, SSE expects adjusted earnings per share, which the company has described as a “significant and meaningful” measure of underlying financial health, of at least 40p in the first half and 120p annually. It added that it would provide an update to the full-year outlook “as winter progresses”.

Shares in the SSE fell on Tuesday.

Meanwhile, Perth, Scotland-based companies have pledged to reinvest any “extra” income they may generate this year in projects that will reduce the UK’s exposure to the vagaries of the gas market.

“As an SSE infrastructure company, the overall response to the European energy crisis is to address the root cause of the problem, and we are committed to reinvesting any additional profits derived from market volatility directly into energy infrastructure that will prevent a recurrence of the crisis in the long run,” said SSE Chief Financial Officer Gregor. Alexander in a statement.

In the year prior to the end of March 2022, SSE reported adjusted earnings per share of 95.4 pence, up from the previous annual figure of 78.4 pence.

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