Scottish energy group SSE revealed yesterday that pre-tax profits in its latest financial year had jumped by 44% to £3.48billion.
Chief executive Alistair Phillips-Davies also took the opportunity to highlight the massive level of investment the group is making.
Perth-based SSE reports that its £12.5billion strategic investment plan to 2026 is on track, with record investment of £2.1billion for the 12 months to the end of March.
The CEO said: "This was a year in which our resilient business mix and balanced portfolio of assets helped us navigate volatile markets and meet our financial objectives, whilst making record investments in the critical UK infrastructure needed to tackle climate change and deliver more secure, independent energy supplies.
"We set out in November our net zero acceleration programme, which acts as a floor, not a ceiling, to our ambitions and we are delivering on that plan at pace.
"In the context of a global energy crisis and intense pressure on the cost of living, we are helping to drive the build-out of vital electricity infrastructure that will reduce dependency on imported gas and help protect consumers from future price spikes, and in doing so we are investing significantly more than we are making in profits.
"We are delivering major projects, building pipelines, and have made inroads in southern Europe and Japan as we export our renewables capabilities internationally to fulfil SSE's considerable potential.
"Strategically, operationally and financially, SSE is well-placed to continue to create value for all of our stakeholders and wider society as we create the infrastructure needed to deliver net zero, secure energy supplies and ultimately drive consumer prices down."
SSE Renewables is a leading developer and operator of renewable energy across the UK and Ireland.
Just last month, it announced a £481million deal - marking the entry of the business into southern Europe.
It had agreed with Siemens Gamesa Renewable Energy (SGRE) to acquire its existing European renewable energy development platform.
Many of the projects in the portfolio are at an early stage of development.
The Scottish business said the deal built on its successful renewables business in the UK and Ireland where it owns and operates 4GW of renewable assets, including nearly 2GW of onshore wind, with a secured pipeline of nearly 11GW across onshore wind, offshore wind and hydro projects.
SSE Renewables is aiming to have around 500MW of renewable projects from the SGRE portfolio operational by March 2026, with a further 500MW or so in construction.
The business is currently building more offshore wind capacity than any other company in the world.
It is leading the construction of the world's largest wind farm, Dogger Bank, and the world's deepest fixed-bottom offshore wind farm, Seagreen, off Angus.
Additionally, it is currently building the Viking onshore wind farm in Shetland.
SSE Renewables' development pipeline includes one of the world's largest offshore-wind opportunities, Berwick Bank, in the outer Firth of Forth, as well as a floating wind site off Angus secured in the ScotWind leasing round.
On the international front, the business recently entered the Japanese offshore wind market through the formation of SSE Pacifico and is actively exploring opportunities in the US and northern Europe.
FTSE 100
The UK's top share index, the FTSE 100, was up/down XXX points at XXXX shortly after opening this morning, following yesterday's 38-point gain.
Brent crude futures were 0.37% higher at $114.40 a barrel.
Companies reporting today
- Full-year results: Auto Trader, Caledonia Investments, Edinburgh Investment Trust, Intermediate Capital, Johnson Matthey, LondonMetric Property, United Utilities
- Half-year results: AJ Bell, Integrafin Holdings