Notice: The Chamber's documentation and customs declaration services announce festive opening hours. Click here to view.

A shortage of wind has hit Scottish-based energy company SSE.

The Perth firm said in a trading statement this morning that the amount of electricity from its renewable sources was 19% below plan for the nine months to the end of December 2021.

This was largely due to the summer months being exceptionally still and dry across the UK and Ireland.

Despite this setback, SSE said it was upgrading its expectations for full-year 2021-22 adjusted earnings per share to at least 90p from at least 83p.

The company added: "This reflects the strength and stability provided by SSE's balanced mix of regulated and market-facing businesses, including good financial performance from flexible thermal (gas) and hydro plant which is more than offsetting lower-than-planned renewables output."

SSE intends to recommend a full-year dividend of 81p per share plus Retail Price Index for 2021-22.

The company also said it remained on track to report capital expenditure in excess of £2billion for the financial year to the end of next month.

Also in its trading statement, SSE said electricity output from its gas-fired generation plant for the nine months to the end of December 2021 was around 14% lower than in the same period in 2020 - reflecting plant availability and market conditions.

The firm added: "Flexible thermal generation continues to play a key part in the GB and Irish energy markets as we transition to net zero, with its role now focused on creating value by providing vital balancing services to enable a renewables-led system.

"Its profitability is therefore less dependent on the volume of its output, and financial performance for the year is expected to be ahead of plan."

SSE finance director Gregor Alexander said: "SSE's performance in the year so far gives us renewed confidence about delivery of good financial results for the full year.

"When coupled with the progress made on our capex plans in recent months, it also highlights the value we are creating for all stakeholders from continued execution of our net zero-aligned strategy.

"Today's trading statement demonstrates SSE's net zero acceleration programme in action and the milestones reached since reporting our interim results move us closer to delivering the refreshed 2030 goals that will accelerate growth, drive shareholder returns and play a critical role in keeping global warming to a 1.5C pathway."

FTSE 100

The FTSE 100 index was up 20 points at 7,593 early this morning, while the March contract for Brent crude was down 0.70% at $92.10 a barrel.

Companies reporting today

  • Finals: BP, Ocado
  • Trading updates: Bellway, SSE, TUI Group

Other updates

Business, Energy and Industrial Strategy Committee hearing with Ofgem on energy pricing and the UK energy market

More like this…

View all