SSE launches £33bn investment plan to expand UK electricity networks

The Tip Desk · June 12, 2026 · 2 min read

The energy company expects an earnings uplift of around 50% over the five-year plan

SSE, an owner and operator of critical national infrastructure, has announced a £33bn five-year investment plan focused on increasing its exposure to UK electricity networks. The company expects the plan to drive an earnings uplift of around 50%, with adjusted earnings per share projected to reach between 225 and 250 pence in 2029/30.

To fund the strategy, the company is launching a £2bn equity placing and expects approximately £2bn in targeted asset rotations. SSE intends to maintain a net debt to EBITDA ratio below 4.5x throughout the plan. The investment focus is weighted 80% toward networks and 20% toward renewables and flexibility. By 2029/30, the company expects approximately 80% of EBITDA to be index-linked due to the increased weight of networks investment.

In its interim results for the six months ended 30 September 2025, the company reported adjusted earnings per share of 36.1 pence. Adjusted capital investment rose 22% to £1.6bn, primarily within SSEN Transmission, where four of eleven major projects are now under construction. Regulated networks contributed around two thirds of adjusted operating profits, with SSEN Transmission profits almost doubling.

For the full year ended 31 March 2026, adjusted operating profit was £1,888.9m. SSEN Transmission profit grew by around 75% over the prior year. Conversely, profitability in SSEN Distribution was significantly lower because the previous year included a large non-recurring inflation adjustment.

Other business units showed mixed results for the year. Renewables profitability increased by around 4% as new capacity output was partially offset by mixed weather and lower hedged prices. SSE Thermal reported modestly lower profits due to outage programmes and market conditions. Energy Customer Solutions profits decreased, driven by lower volumes sold and lower wind-related revenues.

In Ireland, SSE Airtricity now supplies around 80% of the energy to data centres, with energy sold to that sector increasing from 4TWh to 6TWh. In GB, the company delivered a private network solution to a Microsoft data centre development in South Wales.

SSE is continuing a progressive dividend policy to 2029/30, targeting annual dividend per share growth between 5% and 10% from a 64.2 pence 2024/25 baseline. The company will cap scrip dividend take-up at 25% through share buybacks if necessary.