Scotland-based energy major SSE PLC (LSE:SSE) restated its growth targets in a trading update published on Thursday, stating that the Labour government’s clean energy policies will be supportive of the company’s forecasts.
SSE outlined a £20.5 billion five-year investment programme in May, with 34% of the earmarked for renewables.
The group is expected to reach around nine gigawatts of installed capacity by 2026/27, largely from offshore wind farm projects.
In today’s first-quarter trading update, chief financial officer Barry O’Regan said: "The outlook is supported by the enhanced clean power target of the new UK Government which recognises the essential need for investment in renewables, flexible power and electricity networks - areas where SSE has unrivalled capability and significant growth potential."
A Great British Energy bill was announced in yesterday’s King’s Speech, aimed at unlocking investment into energy infrastructure.
SSE has also outlined ambitious plans to capture 20% of the electric vehicle charging market via a joint venture with French energy firm TotalEnergies.
Elsewhere in the trading update, SSE said renewables output surged 60% year on year in the quarter, “reflecting a return to more normalised weather conditions over the period, in addition to year-on-year capacity increases”.
Total renewables output was 2,600 gigawatt hours (GWh) in the three months to 30 June, up from 1,600 GWh in the same period in 2023.
In the thermal (gas) space, output fell from 3,700 GWh to 3,300 GWh