SSE defeats investment plans in the face of storm tax threats

The SSE claims that generators are trying to avoid the threat of a potential storm tax, so they will invest “significantly” in expanding the UK’s energy infrastructure over the next few years rather than profits.

The Scottish Energy Group has increased its annual pre-tax profit by 44% to £ 3.5 billion by the end of 2030 to help the UK reach its clean energy ambitions by the end of 2030. I insisted that I could invest the above. Its investment target of over £ 24bn has risen from its previous ambition of £ 12.5bn by 2026.

SSE share fell sharply this week After the Financial Times revealed, British Prime Minister Rishi Sunak announced a storm tax on power companies such as SSE, EDF Energy, ScottishPower, Centrica, and North Sea oil and gas producers to help subsidize energy. I ordered the authorities to make a plan for. The worst household invoice for this winter.

Government officials believe the generator has Earn £ 10bn in “Excess” Profit That number is being contested by analysts, but from last year’s high wholesale electricity prices.

SSE CEO Alistair Phillips-Davies did not mention the storm tax directly in a statement released with Wednesday’s full-year results, but the group provides “clean, homemade energy.” He claimed to be investing “much more” than making a profit because it would “strengthen security, reduce emissions and make energy more affordable in the long run.”

SSE said it expects to achieve adjusted earnings per share for the new fiscal year “at least 120p” from 95.4p in 2022.

Bernstein analyst Deepa Benkateswaran said the guidance for 2023 was about 9 percent higher than market expectations.

The improvement in profits was driven by the benefits of high wholesale prices to SSE’s hydro and gas-fired power plants, which help meet demand when renewables such as wind and solar are not being produced.society Previously upgraded its profit guidance In March due to soaring wholesale electricity prices.

SSE defeats investment plans in the face of storm tax threats

Source link SSE defeats investment plans in the face of storm tax threats

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