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SSE profits bounce back despite networks struggles

Image: SSE/BOWL

Image: SSE/BOWL

SSE has seemingly bounced back from its tough 2018, reporting that its profit rose to £128.9m after a loss of £284.6m last year.

The company today released its interim results statement, which reported a 14% increase to adjusted operating profit. This is largely due to wet and windy weather recently meaning that operation was up for the year, with SSE Renewables’ operating profit rising to £149.9 million.

Other parts of the company still struggled however, with its energy networks business, SSEN, seeing an 11% reduction in returns to £260.9 million.

The company’s profits exclude the held sale of SSE Energy Services to OVO Energy. The supply division of the company made an adjusted operating loss of £7.4 million, which marks the slowest rate of net losses this division of the SSE has seen in recent year.

OVO Energy sealed a deal to acquire SSE Energy Services in September, but the Competition and Markets Authority has launched an inquiry into the proposed acquisition to determine whether this would significantly lessen competition in the sector.

The results come on the same day that Alistair Phillips-Davies, SSE’s chief executive called on the next government to “go faster and harder” on offshore and onshore wind, increasing investment in the sector in order to meet the UK’s net zero 2050 targets.

“The climate emergency needs action now and offshore wind has proven itself to be one of the most cost effective ways this country can decarbonise and get on the road to Net Zero,” said Phillips-Davies.

“Coupled with lifting the moratorium on onshore, the next Government could deliver at least another 10GW of clean, green energy, before the end of its term – enough to power over seven million homes.

“SSE is committed to investing in low carbon infrastructure and the next five years are critical if the UK is to take climate action.”

The company is investing heavily in the renewables sector, including a recent draft proposal promising well over £2 billion of investment in transmission and is planning to treble its renewable energy output.

“Every day SSE is investing around £4m in low carbon assets and infrastructure which will deliver for the UK and Ireland. No mean feat, but we still have much more we want to do to help decarbonise electricity generation,” said Phillips-Davies.

SSE, along with other notable energy companies, had also recently called on the government to “maintain the UK’s robust approach on carbon pricing.”

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