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SSE dividend edges higher as switch to green energy gathers speed

Power generated during the year fell by 3% while sales to business tumbled 23%

SSE PLC -

SSE PLC (LON:SSE) said it will put its Scotia Gas Networks arm up for sale later this year as the final part of a £2bn disposal programme.

The company has refocused itself as a generator and distributor of renewable electricity and raised £1.5bn through disposals already.

Gains from these helped profits jump to £.2.52bn (£587mln) in the year to end March 2021, though on an underlying basis the gain was more modest at 4% to £1.07bn.

Power generated during the year fell by 3% while sales to business tumbled 23% as customers were closed during the pandemic lockdowns.

SSE estimated the total cost of the pandemic at £170mln, which was below its initial expectations.

The dividend for the year edged up to 81p (80p), which SSE said was in line with a five-year plan up to 2023.

SSE also has hefty capital expenditure commitments coming up including a £7.5bn renewable plan including Seagreen, Viking and the world's largest offshore wind farm at Dogger Bank.

The transmission arm is set for expenditure of £2.8bn for its next regulatory period, while the distribution arm’s plans will be submitted in July.

 

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