SSE (SSE)

[BullDog]

Nice to see a closing ATH at SSE yesterday. The current energy market of late seems to be perfect for SSE and their renewables strategy.

[daveh]

New all time share price high today at SSE. Steady as she goes. Present energy market and SSE strategy of big investment into non hydrocarbon generation looks fortuitous. I wish they'd get on with the long time stalled pumped storage hydro project in Scotland though. The grid desperately needs very large scale energy storage and the need gets ever more desperate as the renewables generation grows on the grid.

see https://www.bbc.co.uk/news/uk-scotland- ... s-57510870

There is a problem. SSE has permission, but there isn't a sensible way to get paid for the electricity they generate that makes it worth while financially for the company building it. (At the moment).

[BullDog]

New all time share price high today at SSE. Steady as she goes. Present energy market and SSE strategy of big investment into non hydrocarbon generation looks fortuitous. I wish they'd get on with the long time stalled pumped storage hydro project in Scotland though. The grid desperately needs very large scale energy storage and the need gets ever more desperate as the renewables generation grows on the grid.

see https://www.bbc.co.uk/news/uk-scotland- ... s-57510870

There is a problem. SSE has permission, but there isn't a sensible way to get paid for the electricity they generate that makes it worth while financially for the company building it. (At the moment).

Thanks. We desperately need Coire Glas and much more true grid scale energy storage projects to go ahead. The kind of thing being reported there sickens me to read. The UK has a massive push on interuptable renewal energy supplies, wind, solar, that is just fine. But the one bit of very critical infrastructure (grid scale energy storage) that's required to decommission some of the gas fired open cycle gas turbine peak lopping plants is being completely ignored. Only the UK could manage to do this.

[BullDog]

New intraday high at SSE today, 1899.5p. Seems things are going quite swimmingly at SSE presently. Perhaps 2000p here by the time winter arrives?

[BullDog]

New intraday high at SSE today, 1899.5p. Seems things are going quite swimmingly at SSE presently. Perhaps 2000p here by the time winter arrives?

Oh dear. Something must be happening, SSE shares are well down today?

Edited - I think it's the idiots in Downing Street talking about a windfall tax on electricity companies. Just what the country needs......... Not.

[spiderbill]

New intraday high at SSE today, 1899.5p. Seems things are going quite swimmingly at SSE presently. Perhaps 2000p here by the time winter arrives?

Oh dear. Something must be happening, SSE shares are well down today?

Edited - I think it's the idiots in Downing Street talking about a windfall tax on electricity companies. Just what the country needs......... Not.

Centrica down a similar 8%. Strangely UKW is also down quite a bit.

Spiderbill

[Dod101]

New intraday high at SSE today, 1899.5p. Seems things are going quite swimmingly at SSE presently. Perhaps 2000p here by the time winter arrives?

Oh dear. Something must be happening, SSE shares are well down today?

Edited - I think it's the idiots in Downing Street talking about a windfall tax on electricity companies. Just what the country needs......... Not.

Centrica down a similar 8%. Strangely UKW is also down quite a bit.

Spiderbill

Maybe it is a sector thing but I think that the SSE share price just got a bit ahead of itself. Better just to ignore these day to day fluctuations.

Dod

[monabri]

https://news.sky.com/story/cost-of-livi ... y-12620115


"According to the paper, a government insider has said "North Sea oil and gas producers are only half the picture" since high gas prices have pushed profits up for all electricity generators."

.....including windfarms.

[BullDog]

https://news.sky.com/story/cost-of-living-windfall-tax-wont-help-say-energy-companies-as-sunak-considers-including-green-producers-in-levy-12620115


"According to the paper, a government insider has said "North Sea oil and gas producers are only half the picture" since high gas prices have pushed profits up for all electricity generators."

.....including windfarms.

Sickens me that politicians of any party have only one answer to any eventuality. More tax. Seems to be the only answer the idiot politicians have to any situation that arises.

And these are supposed to be the companies that are also paying for the government's net zero strategy?

[Arborbridge]

Politics of envy - more a Labour thing one would think.

As soon as one group has a bit of luck, another group wants to steal it. The government alwys believes it can spend my money better than I can. Legalised robbery: might is right.

[monabri]

Shareholders and folk with pension funds can console themselves with an expectation of lower energy bills* .

( * small print: expectations might not meet reality! ).


If you are not receiving Universal Credit ....forget it!

[idpickering]

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2022

STRONG PERFORMANCE, STRATEGIC PROGRESS AND RECORD
INVESTMENT IN VOLATILE MACROECONOMIC CONDITIONS
• Adjusted earnings per share of 95.4p, within pre-close guidance, reflects the resilience of the
Group’s integrated and balanced business model in volatile market conditions.
• £12.5bn strategic capital investment plan to FY26 on track with record investment of £2.1bn
reported for the year.
• Total Recordable Injury Rate of 0.17, an increase from 0.14, reflecting growing construction activity.
• Progressing well on flagship SSE Renewables projects, with 2.4GW under construction.
• Over 1GW pipeline additions through ScotWind wins and site optimisation, with up to 4.9GW
future additions through Southern Europe acquisition expected to complete by September 2022.
• Advancing major infrastructure projects in Transmission and greater clarity on asset base growth with
gross RAV now expected to reach £6.5-7bn by FY26, and over £12bn by FY31.
• Guiding to adjusted EPS of at least 120p for 2022/23 and updating to an adjusted EPS CAGR of
between 7-10% over the five year period to 2025/26.
• Net investment into vital UK and Ireland infrastructure could exceed £25bn this decade,
creating thousands of jobs and directly addressing the energy crisis in the longer term.
• Contributed over £5.8bn to UK GDP, supporting over 45,000 UK jobs, and €438m contribution to
Ireland GDP and over 1,800 Irish jobs supported.

file:///C:/Users/Ian/Downloads/fy2022-statement-combined-final.pdf

Ian.

[idpickering]

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2022

STRONG PERFORMANCE, STRATEGIC PROGRESS AND RECORD
INVESTMENT IN VOLATILE MACROECONOMIC CONDITIONS
• Adjusted earnings per share of 95.4p, within pre-close guidance, reflects the resilience of the
Group’s integrated and balanced business model in volatile market conditions.
• £12.5bn strategic capital investment plan to FY26 on track with record investment of £2.1bn
reported for the year.
• Total Recordable Injury Rate of 0.17, an increase from 0.14, reflecting growing construction activity.
• Progressing well on flagship SSE Renewables projects, with 2.4GW under construction.
• Over 1GW pipeline additions through ScotWind wins and site optimisation, with up to 4.9GW
future additions through Southern Europe acquisition expected to complete by September 2022.
• Advancing major infrastructure projects in Transmission and greater clarity on asset base growth with
gross RAV now expected to reach £6.5-7bn by FY26, and over £12bn by FY31.
• Guiding to adjusted EPS of at least 120p for 2022/23 and updating to an adjusted EPS CAGR of
between 7-10% over the five year period to 2025/26.
• Net investment into vital UK and Ireland infrastructure could exceed £25bn this decade,
creating thousands of jobs and directly addressing the energy crisis in the longer term.
• Contributed over £5.8bn to UK GDP, supporting over 45,000 UK jobs, and €438m contribution to
Ireland GDP and over 1,800 Irish jobs supported.

file:///C:/Users/Ian/Downloads/fy2022-statement-combined-final.pdf

Ian.

As it was pointed out to me over on HYPP, people couldn't see the link to the results that I posted. I guess that's the case here too.
Here is the appropriate RNS;

https://www.investegate.co.uk/sse-plc-- ... 00097349M/

Ian.

[EthicsGradient]

No windfall tax yet on wind or solar generators, but something could happen in the future:

And we understand that certain parts of the electricity generation sector are also making extraordinary profits.

The reason for this is the way our market works.

The price electricity generators are paid is linked not to the costs they incur in providing that electricity…but rather to the price of natural gas – which is extraordinarily high right now.

Other countries like France, Italy, Spain and Greece have already taken measures to correct this.

As set out in the Energy Security Strategy, we are consulting with the power generation sector and investors…

…to drive forward energy market reforms and ensure that the price paid for electricity is more reflective of the costs of production.

Those reforms will take time to implement.

So, in the meantime, we are urgently evaluating the scale of these extraordinary profits…and the appropriate steps to take.

https://www.gov.uk/government/speeches/ ... ng-support

[daveh]

No windfall tax yet on wind or solar generators, but something could happen in the future:

And we understand that certain parts of the electricity generation sector are also making extraordinary profits.

The reason for this is the way our market works.

The price electricity generators are paid is linked not to the costs they incur in providing that electricity…but rather to the price of natural gas – which is extraordinarily high right now.

Other countries like France, Italy, Spain and Greece have already taken measures to correct this.

As set out in the Energy Security Strategy, we are consulting with the power generation sector and investors…

…to drive forward energy market reforms and ensure that the price paid for electricity is more reflective of the costs of production.

Those reforms will take time to implement.

So, in the meantime, we are urgently evaluating the scale of these extraordinary profits…and the appropriate steps to take.

https://www.gov.uk/government/speeches/ ... ng-support

Except gas isn't extraordinarily expensive at the moment - its cheap and there is a glut of it in the UK at the moment - as long as you want it now. Its still expensive to buy ahead for the winter though. We could be buying it cheaply now and storing it for the winter, except our far sighted politicians decided to allow the main gas storage facility to close (Rough depleted gas field). So we have no where to store it.

[idpickering]

Final Dividend Timetable Year Ended 31 March 2022.

Ex Dividend 28 Jul 22, paid 22 Sep 22, for a 60.2p dividend.

Full details here:

https://www.investegate.co.uk/sse-plc-- ... 47020802N/

Ian.

[idpickering]

Publication of Supplemental Prospectus.

The following supplement has been approved by the Financial Conduct Authority and is available for viewing:

Supplement dated 20 June 2022 (the Supplement) to the Base Prospectus dated 17 March 2022 relating to the SSE plc, Scottish Hydro Electric Power Distribution plc, Scottish Hydro Electric Transmission plc and Southern Electric Power Distribution plc €10,000,000,000 Euro Medium Term Note Programme.

To view the full document, please paste the following URL into the address bar of your browser.

http://www.rns-pdf.londonstockexchange. ... 2-6-20.pdf

A copy of the Supplement will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

https://www.investegate.co.uk/sse-plc-- ... 12114954P/

Ian.

[idpickering]

SSE Thermal & Equinor to Acquire Triton Power.

SSE Thermal and Equinor have entered into an agreement to acquire Triton Power Holdings Ltd from Energy Capital Partners for a total consideration of £341m shared equally between the partners.

The transaction represents another step forward for the two companies' existing collaboration, supporting the long-term decarbonisation of the UK's power system whilst contributing to security of supply and grid stability through flexible power generation in the shorter term. Following completion of the transaction, SSE Thermal and Equinor will jointly own and run Triton Power on a 50:50 basis.

Triton Power operates Saltend Power Station which is 1.2GW CCGT (Combined Cycle Gas Turbine) and CHP (Combined Heat & Power) power station located on the north of the Humber Estuary in East Yorkshire.

Saltend Power Station is a potential primary offtaker to Equinor's H2H Saltend hydrogen production project. H2H Saltend is expected to kick-start the wider decarbonisation of the Humber region as part of the East Coast Cluster, one of the UK's first carbon capture, usage and storage clusters.

In addition, the portfolio includes Indian Queens Power Station, a 140MW OCGT (Open Cycle Gas Turbine) in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales which provides carbon-free inertia to the system.

Following the acquisition, SSE Thermal and Equinor will focus on using the Triton Power portfolio as a platform to develop more low-carbon projects to support the transition to net zero, building on the decarbonisation work already carried out by Triton.

The transaction underscores SSE Thermal and Equinor's shared ambition to decarbonise the Humber, which is the UK's most carbon-intensive industrial region, as well as the UK more widely. Initial steps to decarbonise Saltend Power Station are already underway, targeting partial abatement by 2027 through blending up to 30% of low-carbon hydrogen. In addition, carbon capture provides an additional valuable option for the site. SSE Thermal and Equinor will continue to work towards 100% abatement by 2035.

The transaction is expected to complete in September subject to UK National Security Filing and EU Merger Control.

https://www.investegate.co.uk/sse-plc-- ... 00024253Q/

Ian.

[idpickering]

SSE Response to Ofgem RIIO-ED2 Draft Determination.

Scottish and Southern Electricity Networks Distribution (SSEN Distribution), part of the SSE Group, notes today's publication of Ofgem's Draft Determination on its business plan for the RIIO-ED2 price control period.

Ofgem's initial determination is tough and stretching, and while it represents an increase of 18% on SSEN Distribution's equivalent allowances in RIIO-ED1 and recognises the innovation proposed through additional Customer Value Propositions, work is required to ensure the final settlement fully reflects customer and stakeholder needs.

This includes further refinement to properly allow for the necessary delivery of improvements in infrastructure and the deployment of technologies required to reach net zero and build network resilience in the context of climate change. SSEN Distribution also notes the proposed allowed cost of capital which it will continue to review against the context of prevailing market conditions.

This is the first step in the determination process and SSEN Distribution will now take time to review the full detail of the Draft Determination and constructively engage with Ofgem to ensure a progressive conclusion is reached in the interest of customers and other stakeholders at Final Determination later this year.

SSEN Distribution's RIIO-ED2 business plan has been co-created with over 25,000 stakeholders in SSE's largest ever engagement exercise. It is underpinned by extensive and robust evidence supporting the investment to deliver a network ready for net zero, drive progressive technological change and improve network resilience, with no planned increases to network charges on consumer bills.

https://www.investegate.co.uk/sse-plc-- ... 42316032Q/

Ian.

[monabri]

Not impressed by SSE...one hour on the phone waiting to speak to someone.

I can see why 93% of over 3100 reviews rated them as " bad" .


https://uk.trustpilot.com/review/www.sse.com


Edit..got through at last. Call centre in India by the sound of it...very very difficult to understand.

Couldn't help so the lady transferred us to another number....another wait.