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‘No decision’ made to split SSE, company states in response to media speculation

Speculation has grown following activist hedge fund company Elliott Advisors buying up a stake. Image: SSE.

Speculation has grown following activist hedge fund company Elliott Advisors buying up a stake. Image: SSE.

There has been “no decision” to break up the SSE Group the company has confirmed following media speculation.

Last week, publications including the Guardian, the Telegraph and the FT suggested the energy giant is under pressure to break its business into renewable and non-renewable generation.

This followed activist hedge fund Elliott Advisors building up a stake in the company over recent months, and now reportedly entering into discussions with the senior SSE executives to push for a split.

SSE has been refocusing its operations, with a strategic focus on renewables and regulated electricity networks already. In August, it agreed to sell its 33.3% stake in gas distribution operator Scotia Gas Networks for £1,225 million as part of this reshaping of its business.

In a statement released by the company in response to speculation that Elliott is pushing for a split, it said no decision has been made yet but reiterated its commitment to make strategic choices that will drive shareholder value from the “wealth of net zero opportunities the company is creating".

Alistair Phillips-Davies, chief executive said: “We have been making excellent progress with our clear net zero-aligned strategy, centred on electricity networks, renewables and other carefully chosen businesses that help provide the low-carbon electricity infrastructure that government and wider society requires.

“SSE is the UK’s national low-carbon energy champion, delivering for both our shareholders and society and we look forward to updating investors on our plans to accelerate growth and create value in due course."

The company pointed to its results in May, which specified that further plans to accelerate growth in its portfolio – including significant capital investment plans for the period to 2026, sources of funding and its vision for growth – will be released as part of its half year results in November.

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