SSE informed that it expects its 2017/2018 capital and investment expenditure to be around GBP 1.6 billion, instead of previously anticipated GBP 1.7 billion. From 1 April to 31 December 2017, SSE’s capital spend totalled GBP 1.1 billion and has included, among other things, around GBP 355 million investment in on- and offshore wind.
Nevertheless, over the four-year period to March 2020, SSE still expects its investment and capital expenditure to be around GBP 6 billion, with some GBP 5 billion of this already committed to economically-regulated electricity networks and government-mandated renewable energy projects.
In its report on the nine months to 31 December 20147, SSE reported that the output of renewable energy during this period was around 25% higher than in the same period in 2016, saying this is broadly in line with the company’s expectations at the start of this financial year. SSE’s recorded wind generation output of 4TWh during this time, compared to 3TWh marked for the same period of the previous year. The company said the increase in output resulted from wetter and windier weather conditions in 2017, meaning output was up around 14% on a like-for-like basis, with the balance from more onshore wind farm capacity in operation.
In offshore wind, SSE has a 50% stake in Greater Gabbard and a 25.1% stake Walney offshore wind farm, both operational. The company also holds 40% of the Beatrice offshore wind farm, currently under construction, and 50% of the Seagreen offshore wind project which had its consent reinstated in November 2017. SSE is also in a joint venture with Statoil on the Dogger Bank Creyke Beck A and B and Dogger Bank Teesside A projects.