SSE launches £33bn plan to invest in UK’s energy network
- Energy firm SSE has unveiled a £33 billion five-year investment plan, with a significant focus on UK electricity networks.
- Approximately 80% (£27 billion) of the investment will be directed towards regulated UK electricity networks, while £6 billion is earmarked for renewables and system flexibility.
- The company's bosses believe this strategy will deliver an "unprecedented growth opportunity" and drive stronger earnings, contributing to a cleaner, more secure, and affordable energy system.
- The investment will be funded through a £2 billion equity placing, cashflow generation, and increases to net debt.
- The announcement coincided with SSE reporting a 31% slump in pre-tax profits to £586.3 million for the past half-year.