SSE sees 60% jump in renewable energy generation in early summer
The electricity giant said it came amid favourable weather conditions and an increase in capacity.
Electricity giant SSE said it generated nearly two-thirds more renewable energy in the early summer months than in the same period last year.
The London-listed company said output from its renewables division was 60% higher in the three months to June 30, which it said was down to better weather conditions and more capacity.
SSE said the increase in green generation to 2,596 GWh reflects “a return to more normalised weather conditions over the period, in addition to year-on-year capacity increases”.
Gas-fired generation fell 10% to 3,714 GWh over the period, the company said in a trading statement ahead of its annual general meeting on Thursday.
SSE said its first quarter financials were in line with expectations and it is on course for its previously announced £20.5 billion investment plan over the next five years, just over one-third of which will go towards renewables.
It said it expects to reach around nine gigawatts of installed capacity by 2026/27, largely from offshore wind farm projects.
Barry O’Regan, SSE’s chief financial officer, said: “We have made a solid start to the financial year as we convert our premium project pipeline into high-quality sustainable earnings.
“We remain on track to meet our 2027 growth targets that are underpinned by world-class assets and balance sheet strength, with two-thirds of revenue either regulated or already backed by existing government policy.
“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.”
