Back to overview

SSE full-year results for 2023/24

23 May 2024

SSE plc has published details of its full-year 2023/24 results – a period in which the business continued to invest significantly in delivering the world-class energy infrastructure required in a net zero world.

The Group, which is a leading developer and operator of electricity infrastructure from wind farms to networks and flexible power generation, reports:

  • Adjusted operating profit of £2.4bn (-4%)
  • Adjusted earnings per share of 158.5p (-5%), towards the top end of guidance
  • Investment of £2.5bn in delivering critical energy infrastructure
  • Total Recordable Injury Rate for employees and contractors increased to 0.20 from 0.19 in 2023; opened Scotland’s first immersive safety training centre
  • Supporting 56,000 direct and indirect jobs across the UK and Ireland and adding £6.9bn to UK and Irish GDP

In 2023/24, SSE Thermal & Gas Storage reported an adjusted operating profit of £818.9m. That represented another strong year of performance for the fleet in GB and Ireland, despite lower spark prices and less volatility compared to 2022/23. Value has been secured by selling output to the market and contracting forward ahead of delivery, using the fleet’s inherent flexibility to optimise the value received.

All of Thermal’s existing fleet received four-year ahead Capacity Market agreements in respective auctions in GB and Ireland, with the exception of Keadby 2 which holds a 15-year capacity agreement. SSE Thermal has also now secured ISO 55001 certification across its portfolio – an international asset management standard which underlines the approach we take to ensure effective management of plant availability across the lifecycle of our portfolio.

Flexibility, along with renewables and networks, is a core pillar of the future net zero energy system and there is a critical need for new low-carbon flexible power in both GB and Ireland this decade. SSE Thermal continues to progress its low-carbon plans to help meet this urgent requirement while working to decarbonise its CCGT fleet where possible – vital actions for delivering on SSE’s goal of an 80% reduction in carbon intensity by 2030.

In GB, low-carbon projects utilising carbon capture and hydrogen technology continue to be developed, while in Ireland two new power stations which would utilise sustainable biofuels are advancing. In 2023/24, the business made a strategic investment to acquire 50% of H2NorthEast, a proposed blue hydrogen production facility in Teesside co-owned with Kellas Midstream. Further progress across SSE Thermal’s low-carbon portfolio is expected in 2024/25, including final investment decisions being taken this year on the Tarbert and Platin biofuels projects.

Final commissioning continues on Slough Multifuel, a 55MW energy-from-waste facility (50:50 JV with Copenhagen Infrastructure Partners) with the project on track to enter commercial operations ahead of schedule in summer 2024. Construction is also ongoing on a 150MW Temporary Emergency Generation unit at our Tarbert site in County Kerry - at the request of the Irish authorities – with delivery scheduled for September 2024.

Alistair Phillips-Davies, Chief Executive of SSE, said: "This is a strong performance where we have delivered essential energy infrastructure, benefited from the resilience of our business model, and made disciplined investment in our excellent growth opportunities.

“Renewables, flexible power and electricity networks are the building blocks of a cleaner and more secure energy system. With world-class assets and capabilities, and enhanced visibility of growth in transmission, SSE is ideally placed to benefit from this structural trend, creating value for shareholders and society.

“Our immediate focus is on delivering our financial and operational growth targets out to 2026/27 and we are on track to do this, converting our premium organic project pipeline into high-quality sustainable earnings.

“More broadly we continue to see a path to investing c.£40bn this decade assuming a supportive policy environment, helping speed up the clean energy transition and creating and supporting thousands more good jobs in the process."

View our FY2023/24 results statement.