SSE's renewables division has seen a substantial increase in adjusted operating profit, rising to £326 million in the six months ending September 2024 from £87 million in the previous year's period. SSE attributed the surge to a combination of expanded capacity exceeding 1GW, favorable weather, and increased hedged prices.
Achievements during the half-year period included the 130MW Cloiche onshore wind farm winning a contract for difference in Allocation Round 6 (AR6) and ongoing progress on the 3.6GW Dogger Bank offshore wind project, with its first phase, Dogger Bank A, set for completion in late 2025. Additionally, SSE invested £50 million in the Tummel Bridge Hydropower Station refurbishment, boosting its capacity to 40MW and extending its operational life by over 40 years.
SSE Chief Executive Alistair Phillips-Davies, who is set to retire next year, commented, “This is a strong set of interim results including delivery of higher-quality earnings and the mission-critical infrastructure that shows SSE is at the heart of the clean energy transition.” He also highlighted SSE's alignment with the UK Government's commitment to achieving “Clean Power by 2030” and underscored the importance of SSE's investment program in supporting this target.
“SSE will be a key delivery partner with our ~£20bn investment programme and the scale and quality of our project pipeline that spans renewables, electricity networks and flexible power plants – which will all be required to make clean power a reality,” he continued. “Our unique position gives us exceptional growth opportunities and clear targets that will deliver long-term value to shareholders and society.”
