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SSE (SSE)

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Dod101
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Re: SSE (SSE)

#442196

Postby Dod101 » September 14th, 2021, 2:49 pm

Alaric wrote:
Dod101 wrote: I think SSE should be seen, amongst other things, as a supplier of electricity and then leave it to the management to decide the mix of sources from which it is derived.


The S and E were Southern Electric or Electricity and a regional electricity supplier in the English home counties. The other S was Scottish something. Weren't they the Scottish equivalent of the CEGB as well as having hydro electric interests?

Southern Electric also diversified into the supply of gas and also domestic contracting such as rewiring or replacement of boilers. Were they intending to sell that business?


They were originally Scottish Hydro Electric and as such they supplied electricity to Scotland more or less north of the River Tay. They were also made the equivalent of National Grid for that area in that they have a big control room in Perth monitoring the electricity demand. Then they bought Southern Electric and renamed themselves Scottish and Southern Electricity, nowadays shortened to SSE.

Recently they have been moving much more into renewables such as the large offshore wind turbine farm at Dogger Bank in the North Sea and have sold the gas generation business so they are actually moving in the direction that the article mentions anyway. I think they have sold all their contracting businesses.

Dod

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Re: SSE (SSE)

#442199

Postby Dod101 » September 14th, 2021, 2:51 pm

dealtn wrote:
Dod101 wrote:
OLTB wrote:Afternoon - just seen this story about Elliott Investors and their desire to separate the SSE renewables business and electricity business https://www.google.co.uk/amp/s/www.shar ... 88424.html

I don’t know if it’s a ‘non-story’ or if there’s anything behind it, but thought it might interest some.

Cheers, OLTB.


As a shareholder in SSE, I am very happy with it as it is and this seems to me to be a quite unnecessary intervention. Having a foot in both camps is I think good diversification. I think SSE should be seen, amongst other things, as a supplier of electricity and then leave it to the management to decide the mix of sources from which it is derived.

Dod


As a shareholder though you don't need SSE to be in both camps. You (and any other investor) can achieve that by investing in 2 companies. As you say, that would provide good diversification also. I know little about SSE, or Elliott Investors, but diversification as a defence for (potential) inefficient business practice, or financial return, isn't necessarily a strong one from a shareholder perspective.


I agree with you but my point is that SSE has always been very responsive to shareholders and as I have just said on another post, Elliott is more or less pushing at an open door. SSE is in the midst of moving away from old carbon based generation anyway.

Dod

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Re: SSE (SSE)

#443735

Postby idpickering » September 20th, 2021, 7:05 am

Response to media speculation

SSE plc notes recent media speculation regarding plans to split the SSE Group.

As outlined in May, SSE will provide an update on its plans to further accelerate growth in its portfolio with its Half Year Results in November, including details of significantly increased capital investment for the period to 2026, sources of funding and the company's vision for further growth into the 2030s. This will include ambitions for installed renewable and flexible capacity, as well as networks RAV projections.

Following recent reshaping of the group, SSE's clear strategic focus is on renewables and regulated electricity networks, supported by carefully chosen businesses. SSE's businesses have exciting growth potential aligned with net zero targets and share common capabilities in the development, construction, financing, and operation of low-carbon electricity infrastructure. SSE is currently building more offshore wind than any company in the world, expanding internationally, and investing in the low-carbon electricity infrastructure that society needs.

There has been no decision to break up the SSE Group. The Board remains fully focused on strategic choices which will drive shareholder value from the wealth of net zero opportunities the Company is creating.

Alistair Phillips-Davies, Chief Executive of SSE, said:

"We have been making excellent progress with our clear net zero-aligned strategy, centred on electricity networks, renewables and other carefully chosen businesses that help provide the low-carbon electricity infrastructure that government and wider society requires. SSE is the UK's national low-carbon energy champion, delivering for both our shareholders and society and we look forward to updating investors on our plans to accelerate growth and create value in due course."


https://www.investegate.co.uk/sse-plc-- ... 00082261M/

idpickering
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Re: SSE (SSE)

#446157

Postby idpickering » September 29th, 2021, 7:05 am

SSE Renewables enter Japanese offshore wind market

SSE Renewables has signed an agreement with Pacifico Energy, one of Japan's largest developers of renewable energy, to create a joint ownership company that will pursue offshore wind energy development projects in Japan. The move to enter Japan's growing offshore wind market will help support the further expansion and diversification of SSE Renewables' longer-term growth pipeline.

The creation of the joint ownership company involves the acquisition by SSE Renewables of an 80% interest in an offshore wind development platform from Pacifico Energy and its Affiliates for $US208million of which $US30million is deferred consideration subject to a number of conditions. The consideration is subject to customary completion adjustments.

Japan has clear offshore wind targets of 10GW by 2030 and 30-45GW by 2040 as the country seeks to decarbonise and achieve greater energy independence. The targets are backed by a commitment to run regular offshore wind auctions for support.

Key elements of the transaction include:

· The creation of a new joint ownership offshore wind company which will drive development activities in Japan.

· The transfer of up to 20 Japan based employees from Pacifico Energy to the newly created company who will be complemented by SSE Renewables employees.

· Acquisition of a number of early-stage offshore wind development projects geographically spread across Japanese waters, with the potential to progress to deliver multiple GWs. These early-stage projects are expected to use a mixture of fixed and floating technology and are working towards being selected for future auctions.

· The two most advanced projects have secured grid access and advanced local stakeholder engagement has been undertaken.

By combining the significant local preparatory development work undertaken by the experienced Pacifico Energy team with SSE's expertise in developing, constructing and operating offshore wind farms, and balance sheet strength, the new entity will progress its 10GW portfolio of early stage development opportunities, with the most advanced aiming to enter bid rounds before or in the mid-2020s. The new company will continue to collaborate fully and openly with local communities and authorities and aim to provide best-in-class integration of offshore wind farms with the local environment.


https://www.investegate.co.uk/sse-plc-- ... 00072777N/

idpickering
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Re: SSE (SSE)

#446159

Postby idpickering » September 29th, 2021, 7:11 am

Notification of Closed Period

· Strategic focus remains clear and progress continues with the announcement of entry into the Japanese offshore wind market.

· Operational performance in Renewables impacted by market volatility and unfavourable weather conditions with output down 32% or 1.2TWh in the period to 22 September, an 11% shortfall on forecast total output for the full year.

· Financial outlook expecting to report adjusted earnings per share in the range of 7.5p to 10p for the half-year. Due to the resilience of SSE's business mix it remains confident about delivery of solid financial performance for the full year.

SSE plc is due to publish and virtually present its financial results on 17 November 2021 for the six months to 30 September 2021.


https://www.investegate.co.uk/sse-plc-- ... 00072843N/

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Re: SSE (SSE)

#453774

Postby daveh » October 28th, 2021, 8:36 am

Reaction to CMA final determination:
https://www.investegate.co.uk/sse-plc-- ... 03574990Q/

The CMA has today published a summary of its final determinations into SSEN Transmission's appeal against certain elements of Ofgem's RIIO-T2 price control settlement. The full final determinations and associated documents are expected to be provided to appellants and interveners later this week and then published by the CMA shortly thereafter.

SSEN Transmission welcomes that the CMA has upheld its appeals against the assumed 'Outperformance Wedge', and for changes to the Licence Modification Process.

However, SSEN Transmission is disappointed that the CMA has not upheld its appeals on the flawed Cost of Equity, or on changes to how Transmission Network Use of System Charges are recovered and the associated risk of under recovery this presents.

SSEN Transmission will continue to assess the full details of the CMA's final determinations as they become available and remains committed to work constructively with Ofgem and wider stakeholders as it continues to take forward ambitious plans to deliver a network for net zero.

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Re: SSE (SSE)

#455150

Postby daveh » November 2nd, 2021, 2:43 pm

SSE sells 10% stake in Dogger Bank C windfarm to ENI for £70m

https://www.investegate.co.uk/sse-plc-- ... 00010597R/

SSE has entered into an agreement to sell a 10% stake in Dogger Bank C to Eni for an equity consideration of £70m.

Dogger Bank will be the world's largest offshore wind farm when completed and remains on track, including reaching Financial Close by the end of 2021 for the 1.2GW Dogger Bank C phase which won a CfD in the 2019 auction and is currently jointly owned 50/50 by SSE and Equinor.



It seems quite cheap at £70m, but presumably Eni are now liable for a share of construction costs.

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Re: SSE (SSE)

#458643

Postby idpickering » November 17th, 2021, 7:13 am

Half-year Report

Highlights - Progress and delivery

· Strategy of the group remains clear , with the separate standalone announcement today of 'Net Zero Acceleration Programme' to accelerate clean growth, lead the energy transition and maximise value for all stakeholders

· Plans include enhanced, fully funded £12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with net zero and 1.5 degrees

· The fully funded plan represents £1bn of additional capex investment per year, over 2.5 times more capex allocated to Renewables and - through a proposed minority interest disposal of Transmission and Distribution - optimising capital allocation between regulated and unregulated businesses.

· Optimal pathway for UK's clean energy champion positions SSE to enable delivery of over 25% of UK's 40GW offshore wind target and over 20% of UK electricity networks investment, deploy flexibility solutions and export renewables capabilities overseas

· Growth-enabling dividend plan paying at least £3.50 per share across the five years, comprising a rebase to 60p in 23/24, with attractive annual growth of at least 5% to March 2026.

· Integral to the accelerated investment plan is the announcement of renewed 2030 greenhouse gas emission targets, aligned with a science based 1.5° Celsius pathway for the power sector.

· In line with the Group's net zero-focused strategy, in the period since reporting Full-year Results in May 2021, SSE has:

o Announced its entry into the Japanese offshore wind market through a joint ownership company with Pacifico Energy, including the 80% acquisition of a 10GW development platform.

o Amalgamated Berwick Bank and Marr Bank offshore wind farms, into one single wind farm with a potential capacity of up to 4.1GW. Berwick Bank wind farm would more than double the size of current offshore wind either in construction or currently operational in Scotland.

o Continued to make good progress on the construction of its offshore wind projects, Seagreen and Dogger Bank, as well as the Viking onshore wind farm on Shetland.

o Reached an agreement to sell down a 10% stake in Dogger Bank C to Eni for an equity consideration of £70m.

o Submitted a pre-qualification application to the Bureau of Ocean Energy Management (BOEM) to participate in the New York Bight Auction in the US.

o Submitted a bid for the Thor offshore wind tender in Denmark

o Submitted an Initial Needs Case under the RIIO-T2 Uncertainty Mechanism for a proposed £400m replacement transmission line between Fort Augustus and Skye and are finalising the submission for upgrading the Argyll transmission network to 275kV operation.

o Published and engaged with stakeholders on a comprehensive and ambitious RIIO-ED2 business plan, ahead of final submission to Ofgem in December.

o Used its Principal Partnership of COP26 to advance the case for decarbonisation of the energy sector to go further and faster to align with a 1.5C pathway.

· Total Recordable Injuries during the year was 30 (Total Recordable Injury Rate of 0.16), compared to 24 (0.19) in the same period last year.

And later;

The final dividend of 56.6p per ordinary share declared in respect of the financial year ended 31 March 2021 (2020: 56.0p) was approved at the Annual General Meeting on 22 July 2021 and was paid to shareholders on 23 September 2021. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the cash dividend under the terms of the Company's scrip dividend scheme.

An interim dividend of 25.5p per ordinary share (2020: 24.4p) has been proposed and is due to be paid on 10 March 2022 to those shareholders on the SSE plc share register on 14 January 2022. The proposed interim dividend has not been included as a liability in these financial statements. A scrip dividend will be offered as an alternative.


https://www.investegate.co.uk/sse-plc-- ... 00066095S/

idpickering
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Re: SSE (SSE)

#458645

Postby idpickering » November 17th, 2021, 7:19 am

SSE'S Net Zero Acceleration Programme

· SSE announces 'Net Zero Acceleration Programme' to accelerate clean growth, lead the energy transition and maximise value for all stakeholders

· Plans include enhanced, fully funded £12.5bn strategic capital investment plan to 2026 alongside ambitious 2031 targets, aligned with net zero and 1.5 degrees

· Net Zero Acceleration Programme represents optimal pathway to consolidate SSE's position as UK's clean energy champion, enabling delivery of over 25% of UK's 2030 40GW offshore wind target and over 20% of UK electricity networks investment, whilst deploying flexibility solutions and exporting renewables capabilities overseas


https://www.investegate.co.uk/sse-plc-- ... 00066096S/

idpickering
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Re: SSE (SSE)

#460346

Postby idpickering » November 23rd, 2021, 4:25 pm


monabri
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Re: SSE (SSE)

#461858

Postby monabri » November 29th, 2021, 3:39 pm

https://news.stv.tv/north/sse-urge-cust ... em?top&amp

"SSE have urged customers who are without power for a second night to ‘order a takeaway’ on them."

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Re: SSE (SSE)

#461904

Postby Bouleversee » November 29th, 2021, 6:27 pm

monabri wrote:https://news.stv.tv/north/sse-urge-customers-without-power-to-order-a-takeaway-on-them?top&amp

"SSE have urged customers who are without power for a second night to ‘order a takeaway’ on them."


Why don't they remove trees close enough to fall on power lines? How many will have easy access to takeaways and how many takeaway firms will also be without power. I think I'd want a year's free electricity to compensate for losing my power supply in this freezing cold weather.

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Re: SSE (SSE)

#461908

Postby csearle » November 29th, 2021, 6:49 pm

Bouleversee wrote:Why don't they remove trees close enough to fall on power lines
The problematic trees remove themselves ;) C.

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Re: SSE (SSE)

#461920

Postby daveh » November 29th, 2021, 7:34 pm

Bouleversee wrote:
monabri wrote:https://news.stv.tv/north/sse-urge-customers-without-power-to-order-a-takeaway-on-them?top&amp

"SSE have urged customers who are without power for a second night to ‘order a takeaway’ on them."


Why don't they remove trees close enough to fall on power lines? How many will have easy access to takeaways and how many takeaway firms will also be without power. I think I'd want a year's free electricity to compensate for losing my power supply in this freezing cold weather.

They do fairly regularly. I had a visit last year as a couple of the trees in my garden were getting close to the supply cable. They trimmed them back. I was also checking the woodland on a friends farm on Saturday. SSE had been in since I was last there and had trimmed back all the trees under the line of the power cables. Clearly they sometimes get it wrong with trees that are a decent distance away, but turn out to be big enough to catch the power line if they go over. Plus broken of branches can go a surprising distance and do serious damage in the wind we had at the weekend.

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Re: SSE (SSE)

#461924

Postby Bouleversee » November 29th, 2021, 7:47 pm

Not enough safety margin, then. We are going to have to get used to freak weather conditions and anticipate what they might result in.

I wonder how the windmills coped. Has anyone heard of any problems arising with them? I trust the blades were well anchored.

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Re: SSE (SSE)

#461928

Postby Bouleversee » November 29th, 2021, 7:55 pm

csearle wrote:
Bouleversee wrote:Why don't they remove trees close enough to fall on power lines
The problematic trees remove themselves ;) C.


Much cheaper to remove trees than deal with the consequences of not doing so, I should have thought. I wonder if the trees were planted or seeded themselves before or after the lines were installed. I have a similar question as regards the tree in my garden through which my telephone line goes on the way to my house which will no doubt cause problems sooner or later.

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Re: SSE (SSE)

#461929

Postby csearle » November 29th, 2021, 8:14 pm

Bouleversee wrote:Much cheaper to remove trees than deal with the consequences of not doing so, I should have thought. I wonder if the trees were planted or seeded themselves before or after the lines were installed. I have a similar question as regards the tree in my garden through which my telephone line goes on the way to my house which will no doubt cause problems sooner or later.
You are of course completely right. :)

Have you forgotten how to climb trees Lorna? Just shin up there with your secateurs and do a bit of judicial trimming!

Chris

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Re: SSE (SSE)

#461932

Postby Bouleversee » November 29th, 2021, 8:25 pm

Forgotten? I never knew but I forget most things these days. What I shall do is apply for my line to be connected to the new fibre line which is now down our lane with a little box on the lamppost just the other side of the tree and Open Reach will then have to do the pruning necessary for the installation. That won't last long but I'm expecting a huge bill for cutting my hedges any minute so sufficient unto the day.

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Re: SSE (SSE)

#462002

Postby dealtn » November 30th, 2021, 9:25 am

Bouleversee wrote:Not enough safety margin, then. We are going to have to get used to freak weather conditions and anticipate what they might result in.



Funny how you never see news stories about the millions of trees that survive such storms that don't fall down on power lines. The few that do are then seen as obvious accidents waiting to happen and something the companies should have done something about. How much extra do people want to pay in their electricity bills to remove those million trees, and no doubt the companies would then be criticised for such an environmentally unfriendly policy.

Got to be tricky to please everybody.

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Re: SSE (SSE)

#462007

Postby Dod101 » November 30th, 2021, 9:33 am

dealtn wrote:
Bouleversee wrote:Not enough safety margin, then. We are going to have to get used to freak weather conditions and anticipate what they might result in.



Funny how you never see news stories about the millions of trees that survive such storms that don't fall down on power lines. The few that do are then seen as obvious accidents waiting to happen and something the companies should have done something about. How much extra do people want to pay in their electricity bills to remove those million trees, and no doubt the companies would then be criticised for such an environmentally unfriendly policy.

Got to be tricky to please everybody.


I agree and actually SSE are quite good at cutting back trees as I see from time to time in my area. It must though be incredibly frustrating to be without power and in some case water, for several days especially with the weather the way it has been.

Dod


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