UK's SSE pushes back Dogger Bank wind project, keeps earnings forecast
Adds SSE share move in paragraph 5, National Grid share move in paragraph 9, context on wind farm in paragraph 3
Oct 3 (Reuters) -UK power generator and network operator SSE's SSE.L Dogger Bank A offshore wind project is not expected to be completed until the second half of 2025, but that would not impact its annual earnings guidance it said on Thursday.
The project, originally expected to be completed in the first half of 2025, will have a total capacity of 1.2 gigawatts, capable of powering around 2 million homes.
It is part of the wider Dogger Bank Wind Farm being developed in three phases, A, B and C – located between 130km and 190km from the North East coast of England. Collectively they will become the world’s largest offshore wind farm, the project's website says.
The Perth, UK-based company forecast first-half adjusted earnings per share of more than 45 pence, and said that renewables performance for the six months ended Sept. 30 was higher than previous years, but in line with expectations, reflecting weather conditions during the period.
Shares in SSE were trading 1.5% higher at 1,902.50 pence in early trade.
Separately, National Grid NG.L, another major player in Britain's energy sector, said its half-year performance was in line with its expectations, adding that underlying earnings in the second half of the fiscal year are expected to be more than the first-half period ended Sept. 30.
National Grid also said it expects an additional 70 million pound contribution from the Electricity System Operator (ESO) compared to guidance, reflecting ownership and held-for-sale accounting treatment up to Sept. 30.
Last month, National Grid agreed to sell its ESO to the UK government for 630 million pounds ($829.27 million), including debt, as the Labour government and energy regulator Ofgem aim to establish an independent National Energy System Operator.
National Grid shares were down 0.7% in early trade.
($1 = 0.7597 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Rashmi Aich, Elaine Hardcastle
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
