SSE PLC, a leading energy company listed on the FTSE 100, has restated its earnings guidance for fiscal 2024. Despite an underperformance in renewables during the first quarter ending June 30, the company anticipates a recovery in the upcoming crucial months.
Outlook for Fiscal 2024
SSE aims to achieve adjusted earnings per share of at least 150 pence ($1.94) by March 31, 2024, compared to the previous fiscal year’s figure of 166.0 pence.
Impact of Weather Conditions on Renewable Energy Output
In the first quarter, SSE’s renewable electricity output dropped to 1,625 gigawatt-hours from the previous year’s 2,129 GWh. This decline by 5% is attributed to adverse weather conditions, which resulted in output falling below full-year plans. Nevertheless, SSE remains optimistic as it enters the key months of the financial year, with a return to more normal weather conditions observed in the first few weeks of the second quarter.
Thermal Power Generation Performance
Thermal power generation also experienced a slight decline, decreasing from 3,809 GWh to 3,714 GWh in comparison to the same period last year. This reduction primarily reflects planned outages.
Focus on Growth Plans and National Infrastructure Projects
Gregor Alexander, Finance Director at SSE, commented on the company’s progress: “We are making good progress on the critical national infrastructure projects that underpin our growth plans out to 2027, and we continue to develop options that could see us invest up to GBP40 billion over the next decade.”
SSE PLC is committed to delivering strong financial performance and prudently investing in future projects.