Energy company SSE has said it still expects the coronavirus will cost it around £200million in full-year operating profit. The Scotland-based group revealed that electricity output from its gas-fired generation plant was eight per cent higher in the last nine months of 2020 than in the same period the previous year. However, lower levels of both onshore and offshore wind generation caused its renewables output to be ‘just over’ 5 per cent lower at 7,202 Gigawatts per hour (GWh) despite hydroelectric output rising 12 per cent to 2,571 GWh.
This is Money 2nd Feb 2021 read more »
The coronavirus pandemic is expected to take a £200 million bite out of profits at SSE. The FTSE 100 energy supplier, which is looking at offloading its share in a gas distribution network business, said yesterday that output from its renewable energy assets had been 5 per cent lower than expected in the nine months to the end of December, but gas-fired production had been higher. It indicated that trading conditions had not materially worsened since its half-year trading update in November. SSE has interests in wind, hydro and gas-fired power generation, along with operating power and gas networks. It wants to treble its renewable energy output by 2030 and is investing in Britain and overseas.
Times 3rd Feb 2021 read more »