SSE, one of the UK’s largest offshore wind developers, recently completed several significant projects, including the 443-megawatt Viking onshore wind farm, the Shetland subsea link, which will connect the Shetland Islands to the British transmission grid, and the Slough Multifuel energy-from-waste power station.
The results could also provide insight into potential delays at Dogger Bank A, one of the world’s largest offshore wind farms. Together with its two sister sites, the Dogger Bank project is expected to deliver a combined capacity of 3.6 gigawatts. However, the timeline for Dogger Bank A’s completion has already been pushed back to the second half of next year, and any further setbacks could affect SSE’s projected growth.
SSE has committed to an ambitious growth strategy, aiming to increase earnings by an annual compound rate of 13-16% and raise its dividend by 5-10% by 2027 compared to 2022 levels. To fund these renewables projects, the company reduced its dividend for this year to 60p per share.
With significant developments in renewables, SSE’s results will be closely watched as it pursues both sustainable energy growth and returns for shareholders. Investors will be looking for updates on spending, timelines, and how SSE plans to deliver on its substantial growth targets in a rapidly evolving energy market.
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
