SSE has reaffirmed its 2025/26 guidance after reporting strong performance across its regulated networks and higher renewables generation in the nine months to 31 December 2025.
The group said its networks businesses delivered a 64% year-on-year increase in investment, with around £1.8bn deployed as construction accelerates across ASTI and LOTI transmission projects, while distribution continues spending through its baseline plan and uncertainty mechanisms.
Renewables output rose 7% compared with the same period last year, reflecting capacity additions despite mixed weather conditions.
Guidance remains subject to weather, market conditions and plant availability for the remainder of the financial year. SSE will provide an update on actual performance in its closed period statement on 2 April 2026.
The company said momentum continues behind its £33bn Transformation for Growth investment plan. Around three quarters of major transmission consents have now been secured, with SSEN Transmission having received 25 of the 34 required decisions to deliver 11 projects reinforcing the grid in the north of Scotland.
The Spittal–Peterhead link has entered full construction following receipt of its final consent, becoming SSEN Transmission’s fifth major project to reach this stage. The scheme comprises a 203km, 2GW subsea HVDC cable and two converter stations.
Cables for both the Spittal–Peterhead project and the planned Western Isles link have been secured under a €2bn contract awarded to NKT, described by SSE as SSEN Transmission’s largest ever.
SSE also welcomed improvements to baseline total expenditure in Ofgem’s RIIO-T3 final determination and noted updates to proposed financial parameters and incentives. The group said it continues to assess the overall investability of the package ahead of the 3 March acceptance deadline.
To support funding diversification as investment ramps up, SSEN Transmission has signed a £1bn, 12-year bank facility backed by an £800m guarantee from the UK Government’s National Wealth Fund, alongside a £500m, 19-year facility guaranteed by the Swedish Export Credit Agency.
In offshore wind, SSE said the 1.4GW Berwick Bank B project will progress towards final investment decision after securing a 20-year contract in last month’s CfD allocation round seven at a strike price of £89.49/MWh.
At Dogger Bank, turbine installation at Dogger Bank A is nearing completion, with the final 95th unit due to be installed in the next suitable weather window, after which installation will move immediately to Dogger Bank B. Commissioning of Dogger Bank A is continuing.
Chief financial officer Barry O’Regan said: “Since announcing our £33bn investment programme to unlock the enormous growth opportunity presented by the transformation of electricity networks, our focus has been on accelerating investment and delivering the plan that will create compounding, long-term earnings and value for investors.
“We are encouraged by recent steps from government and regulators – from positive signals on the upcoming transmission price control to the success of AR7 and updated ambitions for offshore wind – which highlight the value of SSE’s integrated business model and will ultimately help deliver a cleaner, secure and more affordable energy system.”
