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SSE (SSE)
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- Lemon Pip
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Re: SSE (SSE)
Don't hold SSE but NG and no action on NG apart from Ian's helpful post so thought would post here. Just listened to some of the nearly 2 hour OFGEM conference call from yesterday- really gripping stuff...... Suppose I should compare with past ones, but was surprised just how defensive the regulator was, saying many times that everything was up for consultation and this was just a draft proposal. Perhaps they had seen the share reactions and were a bit shaken that they may have been too harsh? They also mentioned that a fair bit of info had been missing (mainly from NG) and that they had made assumptions in it's absence. NG must have known that the info would be critical to provide- was this bad mis-management, mix up in communications or had lockdown seriously affected their ability to provide it? Regulator did say for the first time that they had had input from "well informed" consumer groups which had been relected in the proposals. Also there are now "uncertainty mechanisms" which should reduce risk for companies. Finally they expect investment to rise throughout the decade helping to meet environmental targets. Could be a big issue if companies decide they do not want to invest and say NG look to the States to do most of their investment.
See NG has recovered a bit today, which may reflect a feeling that come the final decision by the regulator, things may have eased somewhat. Far from certain however and clearly good political capital in championing the consumers cause, whatever the general philosphy of needing appropriate incentives to oil the wheels of capitalism. Glad I didn't top up NG when they went badly ex div the other day. Will probably hold tight for now, but unlikley to add unless they really tanked.
See NG has recovered a bit today, which may reflect a feeling that come the final decision by the regulator, things may have eased somewhat. Far from certain however and clearly good political capital in championing the consumers cause, whatever the general philosphy of needing appropriate incentives to oil the wheels of capitalism. Glad I didn't top up NG when they went badly ex div the other day. Will probably hold tight for now, but unlikley to add unless they really tanked.
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- The full Lemon
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Re: SSE (SSE)
Trading Statement; https://www.sse.com/media/k5umtxj0/q1-t ... 020-21.pdf
RNS here; https://www.investegate.co.uk/sse-plc-- ... 00031411T/
Ian.
RNS here; https://www.investegate.co.uk/sse-plc-- ... 00031411T/
Ian.
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- The full Lemon
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Re: SSE (SSE)
SALE OF SSE'S STAKE IN WALNEY OFFSHORE WIND FARM
https://www.investegate.co.uk/sse-plc-- ... 13336735X/
In line with its stated intention in June 2020 to dispose of £2bn of assets by Autumn 2021, SSE has agreed to sell its 25.1% non-operating stake in Walney Offshore Wind Farm to Greencoat UK Wind Plc ("UKW"), subject to a completion process which it expects will take place shortly . The stake equates to 92MW (megawatts) of capacity and the total consideration is £350m.
The sale of Walney marks the first stage of SSE's disposal plans. As previously announced, a significant part of the disposal programme will be non-core assets. As essentially a financial investment, Walney clearly falls into this category. The transaction is indicative of the quality and optionality contained in SSE's portfolio of projects and assets, demonstrating its ability to deliver value through disposals.
Following the disposal of SSE's stake in Walney, SSE's renewable generation capacity will be around 3.9GW (gigawatts). SSE's current offshore wind portfolio comprises Greater Gabbard Offshore Wind Farm (504MW, SSE share 50%) and Beatrice Offshore Wind Farm (588MW, SSE share 40%), both of which it operates on behalf of its joint venture partners.
https://www.investegate.co.uk/sse-plc-- ... 13336735X/
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- Lemon Quarter
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- Lemon Half
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Re: SSE (SSE)
Bouleversee wrote:What are they going to do with the proceeds?
"SSE said that securing value and cash proceeds from "timely disposals" would support its £7.5bn five-year capital expenditure plans to invest in core strategic assets, that would support the ongoing transition to net zero emissions." is how I see it being reported.
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- The full Lemon
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Re: SSE (SSE)
Bouleversee wrote:What are they going to do with the proceeds?
At the time of their results announcement for 2019/20 in June, they discussed these disposals in some detail (up to at least £2 billion of them by Autumn 2021) Basically they said the proceeds would go to supporting the dividend and future investment in reshaping the Group. So I suspect, the proceeds will basically go towards working capital.
Not I think towards any special dividends if that is what you were thinking of
Dod
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- Lemon Quarter
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Re: SSE (SSE)
Thanks, Dod. I was not cherishing any such hope; just curious to know whether they had any good plans that might increase future profits and s.p. or whether they just needed it to reduce debt and pay commitments or do some of those beastly buybacks which rarely seem to achieve anything.
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- The full Lemon
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Re: SSE (SSE)
Bouleversee wrote:Thanks, Dod. I was not cherishing any such hope; just curious to know whether they had any good plans that might increase future profits and s.p. or whether they just needed it to reduce debt and pay commitments or do some of those beastly buybacks which rarely seem to achieve anything.
I think that buybacks are very unlikely. I think they have been stretched financially for some time but they continue to be able to refinance their borrowings and of course the cost of these is quite low at the moment. I bought back into them earlier in the summer and I think it likely that I will hold them now indefinitely.
Dod
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Re: SSE (SSE)
Bouleversee wrote:What are they going to do with the proceeds?
"Securing value from disposals will support SSE’s investment in core strategic assets that will support the ongoing transition to netzero emissions; contribute to a wider “green” economic recovery; and help achieve SSE’s ambitious 2030 goals on renewable energy and the wider electrification of the economy.
SSE’s 2018 plan to invest around £6bn across the five years from 18/19 to 22/23, has been re-shaped to focus on the delivery of core strategic projects that will make the greatest early contribution to the achievement of net-zero emissions and earn sustainable returns that will support earnings in the years ahead. Projects in the new fiveyear plan include the Seagreen and Dogger Bank offshore wind farms and the Viking onshore wind farm. SSE’s focus on these core strategic projects and to wider plans for investment to support the transition to net-zero emissions is currently expected to require total investment expenditure by SSE of around £7.5bn in the period to March 2025, net of project finance development expenditure refunds."
So says Gregor Alexander the Finance Director.
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- 2 Lemon pips
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Re: SSE (SSE)
I realise it is just an investment for them as they don't operate it, but it does seem little odd - if the aim is to get to zero emissions in their energy generation - that they dispose of a wind farm!
As long as they invest it another wind farm, one that they actually operate, then i guess it makes sense.
As long as they invest it another wind farm, one that they actually operate, then i guess it makes sense.
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- Lemon Quarter
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Re: SSE (SSE)
seekingbalance wrote:I realise it is just an investment for them as they don't operate it, but it does seem little odd - if the aim is to get to zero emissions in their energy generation - that they dispose of a wind farm!
As long as they invest it another wind farm, one that they actually operate, then i guess it makes sense.
I couldn't understand that either. Let's hope they know what they are doing. One of my largest holdings and not picking up from the big drop as quickly as some so hope this news makes a difference and they can get back to performance of earlier years.
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- The full Lemon
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Re: SSE (SSE)
SSE agrees sale of its 50% share in Ferrybridge and Skelton Grange multifuel assets
https://www.investegate.co.uk/sse-plc-- ... 00018964B/
SSE plc has entered into an agreement to sell its 50% share in energy-from-waste ventures Multifuel Energy Limited (MEL1) and Multifuel Energy 2 Limited (MEL2) to European Diversified Infrastructure Fund III, an infrastructure fund managed by First Sentier Investors, for a total cash consideration of £995m. The transaction is expected to complete by late 2020 subject to antitrust approval by the European Commission.
https://www.investegate.co.uk/sse-plc-- ... 00018964B/
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- The full Lemon
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Re: SSE (SSE)
The above has obviously been well received in the market, with SSE being up 4.4% as I type.
I intend topping up my SSE holdings soon, probably December, to get in before the interim ex div date in January.
Ian.
I intend topping up my SSE holdings soon, probably December, to get in before the interim ex div date in January.
Ian.
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- The full Lemon
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Re: SSE (SSE)
This and the earlier disposal are obviously part of their announced plan to dispose of £2 billion of non core assets. Glad to see that it is going according to plan.
Dod
Dod
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Re: SSE (SSE)
Interim results for the six months ended 30 September 2020
Here; https://www.investegate.co.uk/sse-plc-- ... 00086508F/
Here; https://www.investegate.co.uk/sse-plc-- ... 00086508F/
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- The full Lemon
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Re: SSE (SSE)
idpickering wrote:Interim results for the six months ended 30 September 2020
Here; https://www.investegate.co.uk/sse-plc-- ... 00086508F/
Thanks Ian. No fireworks as far as I can see and the Interim div up a bit. Good enough for me with the yield around 6%
Dod
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- Lemon Quarter
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Re: SSE (SSE)
Bless you, Dod. Now I don't need to read and try to understand all that. As I have quite a large holding, I will have a look at the s.p. though.
Edit: I have just done that. Up a bit but still a long way to go to get back to beginning of the year high. This was the heading of a news item on the website I looked at: SSE TAKES £115 FIRST-HALF HIT FROM CORONAVIRUS. What a difference an M makes!
Edit: I have just done that. Up a bit but still a long way to go to get back to beginning of the year high. This was the heading of a news item on the website I looked at: SSE TAKES £115 FIRST-HALF HIT FROM CORONAVIRUS. What a difference an M makes!
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- Lemon Quarter
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Re: SSE (SSE)
But what is SSE proposing to do with the proceeds of its sale of green assets, and why is it selling green assets at all? Are they really "non-core" assets?
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- The full Lemon
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Re: SSE (SSE)
richfool wrote:But what is SSE proposing to do with the proceeds of its sale of green assets, and why is it selling green assets at all? Are they really "non-core" assets?
If you followed it you will know that they are investing in better green assets. What they are selling is 'non core' as you might guess, mostly projects where they are the sleeping partner and have no management input or what they regard as sub optimal. They are also getting out of gas production and their small contracting businesses. In other words basically doing what any manager does and trim and tweak the portfolio to meet current conditions.
Dod
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Re: SSE (SSE)
Interim Dividend Timetable.
Ex Dividend 14 Jan 21, paid 11 March 21.
Full item here;
https://www.investegate.co.uk/sse-plc-- ... 43550440G/
SSE announces its timetable in relation to the interim dividend of 24.4 pence per ordinary share for the year ending 31 March 2021.
Ex Dividend 14 Jan 21, paid 11 March 21.
Full item here;
https://www.investegate.co.uk/sse-plc-- ... 43550440G/
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