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SSE (SSE)

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maximan
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SSE (SSE)

#243541

Postby maximan » August 11th, 2019, 12:46 pm

On the BBC news site SSE in talks with Ovo over sale of UK energy business.
https://www.bbc.co.uk/news/business-49310574

idpickering
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Re: SSE (SSE)

#243654

Postby idpickering » August 12th, 2019, 7:08 am

SSE statement on discussions relating to possible sale of SSE Energy Services

As it said in its Preliminary Results Statement in May, and reiterated in its Q1 Trading Statement in July, SSE is actively progressing a number of options for the future of SSE Energy Services, having determined that its best future lies outside the SSE group.

In line with this, and noting recent media speculation, SSE plc can confirm it is in discussions with Ovo Group over the possible sale of the SSE Energy Services business, which supplies energy and related services to around 5.7 million household customers across Great Britain.

These discussions are continuing, however no final decisions have been taken and no agreements regarding the terms of any transaction have been entered into.

https://www.investegate.co.uk/sse-plc-- ... 00046359I/

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Re: SSE (SSE)

#252551

Postby Gengulphus » September 18th, 2019, 5:05 pm

idpickering wrote:SSE statement on discussions relating to possible sale of SSE Energy Services

As it said in its Preliminary Results Statement in May, and reiterated in its Q1 Trading Statement in July, SSE is actively progressing a number of options for the future of SSE Energy Services, having determined that its best future lies outside the SSE group.

In line with this, and noting recent media speculation, SSE plc can confirm it is in discussions with Ovo Group over the possible sale of the SSE Energy Services business, which supplies energy and related services to around 5.7 million household customers across Great Britain.

These discussions are continuing, however no final decisions have been taken and no agreements regarding the terms of any transaction have been entered into.

https://www.investegate.co.uk/sse-plc-- ... 00046359I/

The discussions have got somewhere - Ovo has agreed to buy SSE Energy Services for £500m:

https://www.investegate.co.uk/sse-plc-- ... 00082451M/

Proceeds to be used to reduce net debt - but considering that net debt was in the region of £9b in this year's annual report, they'll only make a scratch in it...

Some discussion of this news has taken place on the "Oil & Gas & Energy (Sector & Companies)" board, here.

Gengulphus

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Re: SSE (SSE)

#252554

Postby monabri » September 18th, 2019, 5:22 pm

£500m...that would cover 1 year of dividends at the new rate of 80p.

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Re: SSE (SSE)

#252561

Postby PinkDalek » September 18th, 2019, 6:08 pm

monabri wrote:£500m...that would cover 1 year of dividends at the new rate of 80p.


£500 million is the enterprise value of the conditional agreement. The £400 million 'cash' element is to be reduced by £59 million for debt like items and the £100m loan note isn't due until 2029, unless prepaid earlier (at a juicy rate of interest which doesn't indicate a great deal of confidence in OVO).

Completion of the Transaction is expected in late 2019 or early 2020 and is subject to the necessary regulatory approvals. The completion date would appear to be when they anticipate receiving the net cash of £341 million.

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Re: SSE (SSE)

#252807

Postby daveh » September 20th, 2019, 8:38 am

Two (or perhaps 4 as there are 3 Dogger bank projects) wins in the 3rd round of CFD allocations for SSE:

CFD Allocation - Seagreen Results
http://www.investegate.co.uk/article.as ... 0937N&fe=1

Seagreen Phase 1, currently wholly owned by SSE Renewables, is located in the Firth of Forth off the Scottish coast. Its total planned installed capacity is 1,075MW and it is expected to generate around 5,000GWh annually.
The project has been successful in securing a 15-year contract for 454MW at a strike price of £41.61/MWh (in 2012 prices) in auction delivery year 2024/25. Outside the 15-year period, it will be an important asset with significant earnings capacity. The contracted capacity represents 42% of the total project capacity although SSE Renewables is planning to build all 1,075MW.



CFD Allocation - Dogger Bank Wind Farm Results
http://www.investegate.co.uk/article.as ... 0936N&fe=1

Under the CfDs, the following projects will receive guaranteed remuneration for 15 years for the low carbon electricity they generate. Outside the 15-year period, the projects will be important assets with significant earnings capacity.
· Dogger Bank Creyke Beck A has been awarded a CfD for 1,200MW at a strike price of £39.65/MWh (in 2012 prices) for delivery in 2023/2024
· Dogger Bank Creyke Beck B has been awarded a CfD for 1,200MW at a strike price of £41.61/MWh (in 2012 prices) for delivery in 2024/2025
· Dogger Bank Teesside A has been awarded a CfD for 1,200MW at a strike price of £41.61/MWh (in 2012 prices) for delivery in 2024/2025
The successful Dogger Bank projects are each expected to generate over 5,000GWh annually. Following the outcome in the auction, SSE Renewables (with its JV partner Equinor) will now progress towards a final investment decision for the Dogger Bank projects by late 2020.
SSE Renewables will lead the development and construction phases of the Dogger Bank Wind Farm projects and Equinor will lead on operations.

maximan
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Re: SSE (SSE)

#254005

Postby maximan » September 26th, 2019, 8:08 am

Notification of Closed Period.
While SSE's first half adjusted operating profit has typically been around 35% of the full year total, the first-half proportion in 2019/20 is likely to be around 20% of the full year total as a result of:

https://www.investegate.co.uk/sse-plc-- ... 00117036N/

maximan
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Re: SSE (SSE)

#255015

Postby maximan » September 30th, 2019, 8:09 pm

Announcement of Non-Discretionary Share Buyback Programme

SSE plc (the 'Company') confirmed on 30 August 2019 that, in light of the SCRIP take up of the 2018/19 dividend exceeding 20%, it intends to buy-back shares in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 18 July 2019, the EU Market Abuse Regulation and Chapter 12 of the Listing Rules.

https://www.investegate.co.uk/sse-plc/s ... 92291O/?fe

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Re: SSE (SSE)

#259582

Postby daveh » October 23rd, 2019, 8:25 am

https://www.investegate.co.uk/ofgem/rns ... 35528269Q/
Ofgem asks revised proposals for Scot Isles links

23 October 2019

Ofgem encourages SSEN to submit revised proposals for Shetland and Western Isles transmission links as current proposals fail to meet conditions for approval

· Planned wind farms on the islands fail to win subsidies in recent government auction

· Ofgem would welcome revised proposals from SSEN including providing greater certainty on the future of the windfarms that underpin the need for links.

· Ofgem's priority is to help deliver the most effective and fastest route to a net zero emissions economy at the lowest cost to consumers
Ofgem is unable to approve a proposal by Scottish and Southern Energy Networks (SSEN) to build a 600MW subsea electricity transmission link from Shetland to mainland Scotland.



On an unrelated topic Investegate haven't emailed me anything since Monday is anyone else having problems?

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Re: SSE (SSE)

#259755

Postby Breelander » October 23rd, 2019, 11:55 pm

daveh wrote:On an unrelated topic Investegate haven't emailed me anything since Monday is anyone else having problems?


Ditto. Not just me then :(

maximan
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Re: SSE (SSE)

#259782

Postby maximan » October 24th, 2019, 8:07 am

daveh wrote:https://www.investegate.co.uk/ofgem/rns/ofgem-asks-revised-proposals-for-scot-isles-links/201910230735528269Q/
Ofgem asks revised proposals for Scot Isles links

23 October 2019

Ofgem encourages SSEN to submit revised proposals for Shetland and Western Isles transmission links as current proposals fail to meet conditions for approval

· Planned wind farms on the islands fail to win subsidies in recent government auction

· Ofgem would welcome revised proposals from SSEN including providing greater certainty on the future of the windfarms that underpin the need for links.

· Ofgem's priority is to help deliver the most effective and fastest route to a net zero emissions economy at the lowest cost to consumers
Ofgem is unable to approve a proposal by Scottish and Southern Energy Networks (SSEN) to build a 600MW subsea electricity transmission link from Shetland to mainland Scotland.



On an unrelated topic Investegate haven't emailed me anything since Monday is anyone else having problems?


Just seen your post and looked on the Investigate site and they are not showing a RNS on SSE since 17th October. Checked on the LSE site and they have two after this date including an update on the Ovo/SSE merger. I subscribe to the RNS service on both sites but have not received any notifications.

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Re: SSE (SSE)

#259837

Postby PinkDalek » October 24th, 2019, 11:36 am

maximan wrote:Just seen your post and looked on the Investigate site and they are not showing a RNS on SSE since 17th October. Checked on the LSE site and they have two after this date including an update on the Ovo/SSE merger. I subscribe to the RNS service on both sites but have not received any notifications.


If I may, https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB0007908733GBGBXSET1.html?lang=en has no RNS showing post 17 October 2019.

Can you link to where are you seeing the update on the Ovo/SSE merger?

Edit: By LSE you mean London South East. Here are some news items https://www.lse.co.uk/news/SSE/ but I don't think they are RNSs.

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Re: SSE (SSE)

#259875

Postby PinkDalek » October 24th, 2019, 2:41 pm

PinkDalek wrote:Can you link to where are you seeing the update on the Ovo/SSE merger?


There is this today from the Competition and Markets Authority:

Merger Update: OVO/SSE Retail
RNS Number : 8796Q
Competition and Markets Authority
24 October 2019

Anticipated acquisition by OVO Group Limited of SSE Energy Services Group Limited
Invitation to comment: Closes on 6 November 2019 ...


https://www.investegate.co.uk/competition-and-mkts/rns/merger-update--ovo-sse-retail/201910240700038796Q/

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Re: SSE (SSE)

#263873

Postby idpickering » November 13th, 2019, 7:50 am

Interims here; https://sse.com/investors/reportsandres ... tfinal.pdf

Also on HYP Practical for HYPer chat.

maximan
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Re: SSE (SSE)

#270065

Postby maximan » December 9th, 2019, 11:01 am

RNS Number : 1864W
SSE PLC
09 December 2019


SSE submits final RIIO-T2 Business Plan to Ofgem

Scottish and Southern Electricity Networks Transmission (SSEN Transmission), the wholly owned subsidiary of SSE plc, has today submitted to the GB energy regulator, Ofgem, its final Business Plan for the RIIO-T2 transmission price control, which covers the period between April 2021 and March 2026.

'A Network for Net Zero', SSEN Transmission's Business Plan sets out its 'Certain View' of the next price control period, which makes a powerful investment case for a minimum total expenditure (Totex) of £2.4bn over the RIIO-T2 period.

This investment is essential to maintain and grow the north of Scotland transmission network to meet the certain needs of current and future electricity generators and customers, delivering a clear pathway to net zero. This is an increase from the £2.2bn totex forecast in SSEN Transmission's draft Business Plan summer consultation.

This could see the regulatory asset value (RAV) of SSEN Transmission increase from its current level of £3.4bn to over £5bn by the end of the RIIO-T2 price control period in 2026.

https://www.londonstockexchange.com/exc ... 40461.html

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Re: SSE (SSE)

#270070

Postby Dod101 » December 9th, 2019, 11:17 am

You will note that National Grid has also reported very similarly which is not surprising. I am sure I do not understand its implications. I hold nation al Grid but not SSE.

Dod

maximan
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Re: SSE (SSE)

#270264

Postby maximan » December 10th, 2019, 7:46 am

SSE COMMENTS ON CMA'S CLEARANCE OF THE PROPOSED SALE OF SSE ENERGY SERVICES TO OVO GROUP

https://www.londonstockexchange.com/exc ... 42028.html

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Re: SSE (SSE)

#277510

Postby idpickering » January 15th, 2020, 7:10 am

Sale of SSE Energy Services to Ovo Energy

SSE plc is today completing the sale of SSE Energy Services Group Limited, its household energy and services business in GB, to OVO Energy Limited for an enterprise value of £500m (the "Transaction").

The net proceeds of the Transaction will be used to reduce SSE's net debt (see Transaction Details below).

In the period since SSE and OVO agreed the sale in September 2019, the necessary regulatory approvals have been secured and joint integration planning has been undertaken to ensure a smooth transition for customers and employees.

Completion of the Transaction enables SSE to strengthen its focus on delivering the low-carbon infrastructure needed to help the UK reach net zero emissions.


https://www.investegate.co.uk/sse-plc-- ... 00058072Z/

maximan
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Re: SSE (SSE)

#277516

Postby maximan » January 15th, 2020, 7:50 am

Thanks for that Ian.
The sale of this division seems to have been a long time coming in one way or another and I think it will only strengthen their position.
I did like the following,

SSE Energy Services will be sold for an enterprise value of £500m comprising £400m in cash and £100m in loan notes.

· The £100m loan note will be issued by a member of the OVO group and will be due in 2029, unless repaid earlier, with an annual interest rate of 13.25% payable in kind.

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Re: SSE (SSE)

#277517

Postby Dod101 » January 15th, 2020, 7:59 am

That sale will certainly help SSE whose finances could do with a bit of support and it removes a thorn in the side of SSE. I do not hold SSE.

As a customer of SSE I am less happy though, although my lights are still on at the moment!

Dod


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