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UK Energy major SSE takes a hit amid cleantech energy push

The energy company is gearing up to invest £7.5 billion in projects related to low carbon

SSE, an energy company headquartered both in Scotland and Perth, is hit hard by the pandemic as its profit before tax had fallen a quarter in the first half of the year. The London Stock Exchange-listed company suffered a £115 million loss in the past six months. It is reported that the company’s adjusted profit before tax slumped 26 percent to £193.9 million over this period, while earnings per share slumped 34 percent.

It is reported that the company sold its household energy business to challenger brand Ovo earlier this year to focus on green energy production. The company will boost its renewable power capacity by 2030 with an aim to add 1GW of power every year from 2025 onwards.

The energy company is gearing up to invest £7.5 billion in projects related to low carbon and also establish new wind farms in the North Sea and off Scotland. The company has also sold a few of its assets in the past few months as part of its disposal plan.

Donald Brown, senior investment manager at Brewin Dolphin, a UK-based investment company, told the media, “The £115 million profit hit from Covid-19 aside, SSE has made significant progress in re-shaping its business – the sale of SSE Energy Services, as well as the more recent disposals of stakes in Ferrybridge and Skelton Grange, underline its direction of travel. A ‘green recovery’ from the economic impact of Covid-19 and a focus on transitioning the UK economy towards net-zero should play to SSE’s strengths and position it well for the future.”

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