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 for the first half of the financial year.

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

Although cooler weather conditions impacted SSE’s wind power generation output, its renewable energy portfolio managed to generate impressive adjusted profits, reaching almost £87m during the first half of the year. This is a significant increase compared to revenue of £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. Transmission Cables’ adjusted operating profit rose 3% to £215.6m during the first half of the year. On the other hand, the local energy grid business saw adjusted profit decline by 31%, mainly 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

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.

How much does SSE invest in green energy?

SSE plans to invest £20.5 billion in clean energy, which is a 14% increase on the previous budget.

What is the main focus of increasing SSE investment?

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

What are the long-term goals of SSE’s investment 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.

How is SSE’s renewable energy portfolio developing?

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

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.