With market volatility expected to continue in the near term, uncertainties such as plant availability, weather conditions, and the extent to which market conditions lead to further optimisation of flexible generation plant, will determine the final full-year outturn. SSE will provide an update on performance for the final months of the year in its notification of closed period statement.

In line with the group’s five-year dividend plan, announced as part of its NZAP in November 2021, SSE intends to recommend a full-year dividend of 85.7p per share plus RPI for 2022/23 followed by a rebase to 60p in 2023/24 to support the Group’s significant investment and growth plans. The dividend is then expected to increase by at least 5% per annum in 2024/25 and 2025/26.

The group’s balance sheet continues to strengthen and, following the completion of a minority stake sale of SSEN Transmission in November 2022, the net debt to EBITDA ratio is anticipated to be well below the target 4.5 times for this financial year. At 18 January 2023, c.23% of available liquidity had been utilised on cash collateral for forward commodity contracts.

Gregor Alexander

Gregor Alexander, SSE’s finance director, said: “Our fully funded £12.5bn Net Zero Acceleration Programme is progressing at pace as we build the renewables, networks and flexible energy assets needed for a cleaner, more secure energy system.

“SSE is performing well in a shifting and volatile energy landscape, underlining the strength of our balanced business mix and the quality of our assets, and we are well placed to deliver a strong financial performance for the full year.”

“We are responding to the cost of living and energy crises by investing record amounts and remain committed to investing additional profit we make into critical low-carbon electricity infrastructure. By doing so, we are creating lasting value for SSE’s stakeholders, and society as a whole.”