UK electricity producer SSE boosted its earnings outlook for the year as higher power prices compensated for lower output from its renewables business.
The company now expects earnings per share of 90 pence for the year ending March 31st, 8.4 per cent higher than a previous forecast, it said in a statement Tuesday. The company also revamped 2030 goals, setting up new emissions reductions and renewable energy targets., which has been calling for the company to split its renewables and grid businesses. In December, SSE hit back at the activist investor saying that the board was against hiving off parts of the utility.faces energy shortages.
Output from SSE’s renewable assets was 19 per cent lower than expected in the nine months to December due to “exceptionally still and dry” conditions. Output from its gas-fired stations was 14 per cent lower than the year before while power prices are 200 per cent higher. SSE is due to report its full year results on May 25th.
The company also set out goals to 2030 to reduce Scope 1 carbon intensity by 80 per cent, build a renewable energy portfolio to generate at least 50 terawatt-hours and connect up 2 million electric vehicles and 1 million heat pumps on its transmission and distribution networks. – Bloomberg
Yeah euro is far more high and competitive.