SSE, the U.K. energy group, reported a narrower range of probable financial outcomes for the fiscal year due to lower-than-planned renewables output in the third quarter. Although SSE Renewables’ output over the first three quarters was approximately 15% below plan (or 10% below for the full year), the company attributed this shortfall to a combination of mixed weather conditions, short-term plant outages, and the rephasing of flexible hydro output to the fourth quarter.
SSE Thermal’s performance for the third quarter also reflected lower spark spreads and market volatility. Despite this, the company expects to achieve its adjusted operating profit guidance of over £750 million ($947 million) for fiscal 2024, including more than £75 million from gas storage.
For the year ending March 31, SSE anticipates earning adjusted earnings per share of over 150 pence. Furthermore, the company remains on track to deliver its projected investment and capital expenditure of approximately £2.5 billion for fiscal 2024.
SSE emphasizes that its long-term strategy remains unchanged and is committed to delivering sustainable value for both shareholders and society.