SSE has announced a £33 billion fully funded five-year investment plan that will substantially increase its focus on UK electricity networks, describing the move as a “once-in-a-generation opportunity” to modernise and expand national energy infrastructure.
The “Transformation for Growth” strategy, which runs until 2029/30, represents a tripling of investment compared with the company’s previous five-year plan. Around £27 billion — or roughly 80% of total spending — will be directed to regulated UK electricity transmission and distribution networks, with the remaining £6 billion allocated to renewables and flexibility assets.
The plan marks a strategic shift toward SSE’s grid operations, with the company aiming to triple the size of its regulated asset base. Gross regulated asset value (RAV) is expected to grow by about 25% annually, positioning SSE among the fastest-expanding electricity network operators globally.
“This Transformation for Growth investment plan is built on a once-in-a-generation opportunity to upgrade the UK electricity network and build a cleaner, more secure and more affordable energy system,” said SSE chief executive Martin Pibworth. “Our world is rapidly electrifying, and we need to build, connect and transport ever greater volumes of homegrown power to homes and businesses to power the digital age.”
SSE said the plan is expected to deliver adjusted earnings per share growth of between 7% and 9% per year, reaching between 225 and 250 pence by 2029/30. By the end of the period, around 80% of group EBITDA will come from regulated activities, which the company described as providing “consistent, predictable and highly visible” returns.
The company’s total regulated asset value is projected to reach approximately £40 billion by 2030, while renewables capacity will almost double to 9 gigawatts.
Roughly £22 billion of the plan will be directed to SSEN Transmission to fund the RIIO-T3 programme, which will connect new renewable generation and ease constraints on the national network. Alongside its 25% partner, this investment is expected to raise transmission RAV to £30 billion by 2030, growing at around 30% annually.
SSEN Distribution will invest £5 billion to complete existing RIIO-ED2 commitments and prepare for the next regulatory period, ED3, increasing distribution RAV to between £9 billion and £10 billion by 2029/30. A further £4 billion will go toward SSE Renewables, with £2 billion set aside for flexible generation and thermal assets.
Funding for the £33 billion plan will come from operational cash flow (55%), additional net debt and hybrid capital (35%), a £2 billion equity placing (5%), and asset rotations making up the remaining 5%. SSE said the plan will maintain its investment-grade credit rating, with net debt-to-EBITDA below 4.5 times.
The company also reaffirmed its commitment to a sustainable dividend policy, targeting annual growth of between 5% and 10% through to 2029/30, based on a 2024/25 baseline of 64.2 pence per share.
Pibworth said the investment would “unlock much-needed growth across the wider economy and support thousands of jobs” while establishing SSE as one of Europe’s leading electricity infrastructure companies. “Our focused, disciplined and fully-funded investment plan will transform the domestic energy system and improve lives, whilst creating sustainable value for our shareholders and society for decades to come,” he said.
SSE also reported a 24% fall in adjusted operating profit to £655 million for the six months to September 30, 2025, citing higher investment and lower earnings from renewables and energy supply. Reported operating profit dropped 30% to £634 million, while adjusted profit before tax fell 28% to £522 million. Adjusted earnings per share declined 29% to 36.1 pence.
The company said the results were “in line with expectations” and maintained its full-year guidance.
