Company Reports

SSE released its trading statement for the three months of fiscal 2027, in which it confirmed its fiscal-year guidance of adjusted EPS in a GBX 168-GBX 193 range, whose midpoint implies an 11% growth.

SSE is the only integrated British utility. Its wholesale generation unit operates 11.6 gigawatts, of which 5.3 GW is renewable capacity. The latter will exceed 7 GW in 2027, chiefly thanks to the commissioning of offshore wind farms and batteries that will underpin earnings growth.

SSE's fiscal 2026 adjusted earnings per share fell 5% to GBX 153.5, slightly ahead of GBX 147-GBX 152 guidance and FactSet consensus of GBX 149. The firm adjusted fiscal 2027 guidance to GBX 168-GBX 193 from GBX 175-GBX 200, in line with our GBX 181, to incorporate last November's capital increase.

The UK government announced on April 21 that it will increase the electricity levy by 10% to 55% to push renewables power producers exposed to wholesale power prices to switch to contract-for-difference as of next year. SSE, Centrica, Orsted, and RWE are trading 2%-4% higher at the time of writing.

On April 16, the UK government announced that the carbon price support paid by power producers will be removed from April 2028. UK Chancellor of the Exchequer Rachel Reeves also signaled plans to reduce the link between electricity and gas prices. Centrica and SSE are down 6% at the time of writing.

SSE released its trading update ahead of the publication of its fiscal 2026 results due on May 28. The firm tweaked its fiscal 2026 adjusted EPS guidance upward by 1% at the midpoint to GBX 147-GBX 152 from the GBX 144-GBX 152 range.

SSE released its trading statement for the third quarter of fiscal 2026. While confirming its directional guidance by division, it set the adjusted EPS guidance for 2026 in a GBX 144-GBX 152 range.

The UK government awarded a record 8.4 gigawatts of offshore wind capacity in Allocation Round 7. RWE emerged as the largest winner with 6.9 GW. SSE secured 1.4 GW of capacity. Orsted, the current leader in the UK market, got nothing.

SSE is the only integrated British utility. Its wholesale generation unit operates 10.4 gigawatts, of which 5 GW is renewable capacity. The latter will exceed 7 GW in 2027, chiefly thanks to the commissioning of offshore wind farms and batteries that will underpin earnings growth.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

On Dec. 4, UK watchdog Ofgem released its final determination for the 2026-31 RIIO-3 regulatory regime. For electricity transmission networks, it approved a baseline total expenditure of GBP 10.3 billion, up from GBP 8.8 billion in the July draft determination.

SSE announced a GBP 2 billion equity raise—9% of the market capitalization before the announcement—to fund a massive step-up in grid investments. It set its 2030 EPS guidance above our expectations. Shares are up by nearly 12% at the time of writing.

SSE is the only integrated British utility. Its wholesale generation unit operates 10.4 gigawatts, of which 5 GW is renewable capacity. The latter will exceed 7 GW in 2027, chiefly thanks to the commissioning of offshore wind farms and batteries that will underpin earnings growth.

SSE becomes a European utilities top pick over RWE. The latter is up by 48% including the dividend year to date, outperforming European utilities by 16%. The former is up 21%, underperforming the sector by 11%.

SSE released its notification of the closed period ahead of its half-year results due on Nov. 12. It expects to post half-year adjusted EPS of GBX 33-GBX 37, toward the lower end of the usual seasonal average of 20%-30% due to a lower contribution from distribution networks as outlined last May.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

Iberdrola's recurring net profit rose by 7% in the first half. The firm announced a EUR 5 billion equity raise to fund a step-up in investments in electricity networks until the end of the decade.

SSE released its trading statement for the first quarter of its 2026 fiscal year.

SSE is the only integrated British utility. Its wholesale generation unit operates 10.4 gigawatts, of which 5 GW is renewable capacity. The latter will exceed 7 GW in 2027, chiefly thanks to the commissioning of offshore wind farms and batteries that will underpin earnings growth.

On July 1, UK watchdog Ofgem released its draft determination for the RIIO-3 five-year regulatory regime that will apply to gas networks and electricity transmission networks as of April 2026.