The British energy utility SSE has released its preliminary results for the fiscal year ending in March 2024, in which the group posts a net profit of £2.17bn (€2.5bn), nearly identical to the previous year. SSE’s power generation in FY 2023/2024 decrease by 7% to reach 26.5 TWh, including 15.2 TWh from thermal generation (-17%) and 11.2 TWh from renewables (+10%).
The company’s thermal capacity has decreased by nearly 9% to 6.2 GW, while renewable capacity increased by almost 14% to reach 4.45 GW (with almost 2 GW of onshore wind, 1 GW of offshore wind, nearly 1.2 GW of conventional hydro and 300 MW of pumped storage). The company sold 10.7 TWh of electricity in FY 2023/2024 (-11.5%).
In FY 2023/2024, SSE notably achieved full power at its 1.1 GW Seagreen offshore wind project in Scotland and commissioned the 440 MW Viking onshore wind park in the UK. In addition, it delivered first power at the 3.6 GW Dogger Bank offshore wind project.
In 2023, SSE 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.