TIDMSSE
RNS Number : 2018T
SSE PLC
21 July 2022
SSE plc
q1 trading statement
21 july 2022
-- Reaffirming guidance of FY23 adjusted earnings per share of at least 120p
-- Performance slightly exceeding our expectations for the
quarter, with continued progress on key energy infrastructure
projects
-- Commenced formal process for disposal of a 25% minority stake in SSEN Transmission
This Trading Statement updates the market on the Group's
financial outlook since publication of the Group's Preliminary
Full-year Results statement on 25 May 2022 and provides operational
performance data ahead of today's SSE plc Annual General
Meeting.
trading update
Q1 performance has slightly exceeded our expectations and
further demonstrates the strength and stability provided by SSE's
balanced mix of regulated and market-facing businesses. Progress
across the various capex projects also continues at pace, with
first power from Seagreen offshore wind farm expected by the end of
this month and construction on Viking onshore wind farm and Dogger
Bank A, B & C offshore wind farms progressing well.
Correspondingly, as previously stated on 25 May 2022, SSE
expects to report full year adjusted earnings per share of at least
120p and anticipates adjusted capital expenditure and investment to
total in excess of GBP2.5bn* this financial year.
Progress continues to be made on the disposal of a 25% minority
stake in SSEN Transmission with the formal process now under way.
The Group has targeted an agreed sale by the end of the calendar
year, with completion following receipt of regulatory
approvals.
* including acquisitions but net of project finance development
expenditure refunds
Gregor Alexander, Finance Director, said:
"We continue to make excellent progress on our Net Zero
Acceleration Programme, investing at pace in the vital electricity
infrastructure that will help build a more secure, affordable and
sustainable energy system.
"The strength of SSE's integrated and balanced business model,
combined with our commitment to positive engagement with key
stakeholders, is serving us well through a period of market,
political and regulatory complexity. Meanwhile, CfD success at
Viking, progress on our Southern European pipeline acquisition, the
positive outlook for Transmission from the recent Holistic Network
Design and new hydrogen options at Saltend all position us well for
the long term.
"Having advocated for some time for an evolution of the current
electricity market frameworks to deliver net zero cost effectively
and securely, we welcome the recent BEIS Review of Electricity
Markets Arrangements (REMA) consultation, believing that an orderly
consultative process is the right way to deliver the necessary
investment.
"We remain confident in our financial outlook for strong
earnings growth this year and look forward to updating the market
on performance in our interim results statement on 16 November
2022."
APPENDIX - Q1 PERFORMANCE
SSE Renewables
Output of electricity from renewable sources in which SSE has an
ownership interest across the UK and Ireland was 93GWh or around
5%, ahead of plan in the quarter to 30 June 2022, mainly due to
weather conditions.
Actual output % of Planned output Actual output
for 3 months planned for 3 months for 3 months
to output to to
30 June 30 June 30 June
2022 2022 2021
Onshore wind generation
output - GWh inc. constrained
off output 1,133 115 989 791
-------------- --------- --------------- --------------
Offshore wind generation
output - GWh inc. constrained
off output 343 86 400 290
-------------- --------- --------------- --------------
Conventional hydro generation
output - GWh 593 101 587 593
-------------- --------- --------------- --------------
Total renewables output
(excl. pumped storage)
- GWh 2,069 105 1,976 1,674
-------------- --------- --------------- --------------
Pumped storage generation
output - GWh 60 - - 48
-------------- --------- --------------- --------------
Total renewables output
- GWh 2,129 - - 1,722
-------------- --------- --------------- --------------
1. Output based on contractual share and in the three months to
30 June 2022 includes 98GWh of onshore and 27GWh of offshore
compensated constrained off generation. The same period in 2021
includes 28GWh of onshore, and 0.5GWh offshore, compensated
constrained off generation.
SSE Thermal
Flexible thermal generation continues to play a key part in the
GB and Irish energy markets in the transition to net zero, creating
shareholder value by providing the vital flexibility and fast
response services required in a renewables-led system. Output of
electricity from SSE's gas-fired generation plant for the three
months to 30 June 2022 was overall slightly ahead of the same
period last year, reflecting market conditions and individual plant
availability.
3 months to 30 3 months to 30
June 2022 June 2021
Gas-fired generation output
(GB) - GWh 3,683 2,840
--------------- ---------------
Gas-fired generation output
(ROI) - GWh 126 911
--------------- ---------------
Total gas-fired generation output
- GWh 3,809 3,751
--------------- ---------------
1. Output includes 143GWh of oil-fired generation in the three
months to 30 June 2022 and 177GWh of oil-fired generation in the
same period in 2021, primarily older Irish plant.
2. In September 2021 SSE's offtake agreement for 100% of output
from its Seabank CCGT JV expired, with output following that date
only recognised to the extent of its 50% equity share.
3. Output in Ireland in the three months to 30 June 2022 was
impacted by unavailability at Great Island CCGT.
4. Output in GB excludes 459GWh of output in the period from
Keadby 2 CCGT, with operational handover expected to occur on 1
October 2022.
sse plc annual general meeting 2022
SSE's Annual General Meeting 2022 takes place today, 21 July, at
12.30pm in Perth. SSE will issue a further business update with its
Notification of Close Period statement on 27 September 2022.
Enquiries
SSE Investor Sally Fairbairn, +44 (0)345 0760
Investors Relations ir@sse.com Michael Livingston 530
Sam Peacock, +44 (0)345 0760
Media SSE Media media@sse.com Glenn Barber 530
+44 (0)7885 224
532
Oliver Hughes +44 (0)7709 496
MHP Communications Simon Hockridge 125
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