SSE has announced a 60% increase in its renewables output for the first quarter of 2024 compared to the same period in 2023. For the three months ending 30 June 2024, the company's total renewables generation reached 2,596 GWh, up from 1,625 GWh in the previous year.
Onshore wind generation contributed 1,069 GWh, an increase from 715 GWh, while offshore wind generation rose to 874 GWh from 496 GWh. Hydro generation also saw a rise during the period.
The company's revenue for the first quarter was £3.1 billion, an increase from £2.8 billion in the same period last year. Operating profit before tax for the quarter was reported at £650 million, up from £500 million in Q1 2023.
In its trading update, SSE stated that its first-quarter performance aligned with expectations, demonstrating the resilience provided by its diversified mix of regulated and market-based businesses. The company noted that the increased output is partly due to a return to more typical weather conditions and capacity expansions.
Financial forecasts for individual business units, as outlined in May, remain unchanged and will be influenced by weather, market conditions, and plant availability over the upcoming winter months.
Key developments during the period include:
- First power generation at the 443 MW Viking onshore wind farm in Shetland, with full energisation expected soon.
- Completion of the final turbine at the 101 MW Yellow River onshore wind array, with commercial operations slated for early 2025.
- Progress on the 1.2 GW Dogger Bank A offshore wind farm, with 27 turbines installed and full commercial operations anticipated in early 2025.
- Ongoing enabling works on SSEN Transmission's Eastern Green Link 2, and cable supply contracts secured with NKT.
Additionally, SSE will advance the development of the 2 GW Alpha offshore wind project in the IJmuiden Ver Wind Farm Zone in the Netherlands.
SSE Chief Financial Officer Barry O'Regan said, “We have made a solid start to the financial year as we convert our premium project pipeline into high-quality sustainable earnings. We remain on track to meet our 2027 growth targets that are underpinned by world-class assets and balance sheet strength, with two-thirds of revenue either regulated or already backed by existing government policy. The outlook is supported by the enhanced clean power target of the new UK government which recognises the essential need for investment in renewables, flexible power and electricity networks – areas where SSE has unrivalled capability and significant growth potential.”
