SSE PLC is increasing investment in its electricity networks as its renewable energy output fell due to unfavorable weather, the company said Thursday.
In a trading update, the British energy company said it expects adjusted investment in its networks to increase by around 60% to approximately 1.1 billion British Pounds for the six months to Sept. 30.
During the same period, renewables output is expected to be about 2% lower than the previous year, which the company attributed to poor weather conditions.
The update reflects SSE's recent strategic pivot to increase its focus on regulated electricity networks.
The company said it expects to report half-year adjusted earnings per share of between 33 and 37 pence and confirmed its full-year performance expectations remain unchanged.
SSE also reiterated that it is on track to meet its 2026/27 adjusted earnings per share target of 175 to 200 pence.
Total capital expenditure and investment for the half-year is expected to be around 1.5 billion British Pounds, with adjusted net debt forecast at approximately 11.5 billion British Pounds, according to the company.
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