SSE, the UK’s leading utility company, has announced plans to significantly increase its investment in green energy by 14%, reaching £20.5 billion. This decision was taken after the company reported better-than-expected profits in the first half of the fiscal year.

SSE CEO Alistair Phillips-Davies expressed confidence in the company’s future profitability and highlighted the long-standing political consensus on the need to build sustainable energy infrastructure. As a result, SSE decided to allocate an additional £2.5 billion into its spending plans over the next five years, with a key focus on renewable energy and improving the country’s energy network.

Despite cooler weather conditions impacting its wind power generation output, SSE’s renewables portfolio posted an impressive adjusted profit of almost £87m in the first half of the year. This is a significant increase from £15 million in the same period last year. The company’s commitment to green energy is in line with the company’s aim to invest £40 billion in renewable energy projects over the next decade.

Although gas-fired power plant SSE reported slightly lower profits compared to the previous year, its high-voltage transmission cable and local power grid businesses showed positive growth. Adjusted transmission cable operating profit increased by 3%, reaching £215.6 million in the first half of the year. On the other hand, the local energy grid business saw adjusted revenue decline by 31%, primarily due to rising supply chain costs.

SSE’s decision to increase its investment in green energy reflects its dedication to fighting climate change and realizing a sustainable future. By prioritizing the development of renewable energy sources and improving the country’s energy infrastructure, SSE seeks to play a key role in the UK’s transition to a greener and more environmentally friendly energy sector.

Frequently asked questions

1. What is SSE?

SSE (formerly known as Scottish and Southern Energy) is a British utility company focused on the generation, transmission, distribution and supply of electricity.

2. How much does SSE invest in green energy?

SSE plans to invest £20.5 billion in green energy, which is an increase of 14% compared to the previous budget.

3. What will SSE’s additional investment focus on?

The majority of SSE’s additional spending will go towards renewable energy projects and improving the UK’s energy network.

4. What are the company’s long-term goals in investing in green energy?

SSE aims to invest £40 billion in clean energy over the next decade, emphasizing its commitment to sustainability and tackling climate change.

5. How is SSE’s renewable energy portfolio developing?

Despite lower wind power production due to the cool weather, SSE’s renewable energy division achieved an adjusted profit of almost £87 million in the first half of the year.

6. What are the challenges facing SSE’s local energy network business?

The local energy grid business reported a 31% decline in adjusted profit due to rising costs in its supply chain.