The British energy utility SSE has released its preliminary results for the fiscal year ending in March 2023, in which the group posts a net profit of £2.18bn (€2.5bn), a nearly twofold increase compared to FY 2021/2022.
SSE’s power generation in FY 2022/2023 increased by 20% to reach 28.6 TWh, including 18.3 TWh from thermal generation and 10.2 from renewables. The company’s thermal capacity has increased by nearly 30% to surpass 6.8 GW, while renewable capacity remained stable at around 3.9 GW (with almost 2 GW of onshore wind, 487 MW of offshore wind, nearly 1.2 GW of conventional hydro and 300 MW of pumped storage).
In addition, SSE has announced plans plans to invest up to £40bn (€46bn) across the decade to FY 2031/2032 to develop and install renewable energy projects. The group has also unveiled plans to convert its 152.5 MW Sloy power plant, Britain’s largest conventional hydro power plant, into a new pumped hydro storage facility to bolster energy security.