SSE PLC (LSE:SSE) has reiterated its full-year earnings guidance after an 83% surge in networks investment and a 31% rise in renewables output in the first quarter.
The FTSE 100 energy group said it remained on course to invest a record £5 billion this year as part of its five-year, £33 billion investment plan.
Adjusted earnings per share guidance of 168p to 193p for 2026/27 was unchanged, along with the target of 225p to 250p for 2029/30.
SSE invested £888 million in its regulated networks businesses during the quarter, up from £484 million a year earlier, with construction progressing on major transmission projects.
Renewables output rose to 3,264 gigawatt hours from 2,499 gigawatt hours, reflecting favourable weather and additional capacity.
Chief financial officer Barry O'Regan said recent momentum had given increased visibility over the delivery of the group's 2030s pipeline as the system operator's strategic plans began to crystallise and further transmission projects emerged.
He said the company was underpinning compounding, long-term earnings growth and creating significant value for investors.
The group flagged a potential long-term boost after the National Energy System Operator identified more than £12 billion of additional potential investment for its transmission arm, taking newly identified spend under the Future Uncertainty Mechanism to more than £17 billion, subject to regulatory and planning approvals.
Construction has begun on the Netherton Hub near Peterhead, which will support the Spittal to Peterhead and Eastern Green Link subsea projects, while early work has started on the Western Isles HVDC link.
At Dogger Bank B, 30 turbines have been installed, with the pace of installation significantly exceeding the first phase of the world's largest offshore wind farm.
SSE's Coire Glas pumped hydro scheme was included in Ofgem's provisional list for cap and floor investment support, though the company said significant detail still needed to be resolved.
The group raised £1.1 billion of hybrid debt and £1.3 billion of senior debt during the quarter as it diversified funding sources.
John Pettigrew, former National Grid chief executive, will join the board as a non-executive director in December.
