Britain's SSE lifts capital investment outlook with focus on net zero goals
An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne/File Photo Acquire Licensing Rights
Nov 15 (Reuters) - SSE Plc (SSE.L) on Wednesday lifted its capital investment expectations by about 14% for its net zero programme for five years until 2026/27 after the British power generator and network operator's half-year profit topped its forecast.
Britain is aiming to ramp up its renewable power capacity as it seeks to meet its goal of net zero emissions by 2050, and become more independent of imported energy following a supply disruption caused by the Russia-Ukraine conflict.
SSE has now increased its capital investment outlook on Net Zero Acceleration Programme Plus to 20.5 billion pounds ($25.58 billion) from 18 billion pounds earmarked earlier.
"With an enduring broad political consensus behind the need to build the electricity infrastructure required for net zero, a supportive power price outlook ... we have increased confidence in our earnings forecasts not only for this year, but out to 2026/27," CEO Alistair Phillips-Davies said in a statement.
The company reported adjusted earnings per share of 37 pence for the six-month period ended Sept. 30, above its prior forecast of at least 30 pence apiece.
The power firm reaffirmed its fiscal year 2024 adjusted profit expectations of more than 150 pence per share. Analysts on average were expecting annual earnings per share of 156.06 pence, according to LSEG data.
($1 = 0.8015 pounds)
Reporting by Aatrayee Chatterjee and Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips
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