31st Jan 2020 08:59
(Alliance News) - SSE PLC on Friday reiterated its annual earnings expectations and said that it remains committed to its dividend plan for the five years to March 2023.
The Scottish power utility expects to recommend a dividend of 80 pence per share for the financial year ending March 31, down 18% from 97.5p a year ago but in line with previous guidance and its dividend plan.
The FTSE 100-listed energy company said it continues to expect adjusted earnings per share for financial 2020 to be in the range of 83p to 88p each versus 67.1p a year ago. The guidance is subject to hydro and wind assets benefiting from normal weather conditions and excludes Energy Services business sold earlier in January and the gas production assets which are held for sale.
As at December-end, company's renewable energy output for the first nine months of financial 2020 was just over 5% behind its target.
SSE, which is on track to close its last coal-fired generation plant at Fiddlers Ferry in Cheshire, England, by March-end, said the UK government's enhanced ambitions for offshore wind and carbon capture, usage and storage, should present opportunities for the company's renewables and thermal businesses.
Good progress is being made on SSE Renewables' offshore wind projects with the first 'ground-breaking' at Dogger Bank, North Sea, the energy company said, adding that the renewables business has also taken the final investment decision to proceed with the construction of an additional 11 turbines at Gordonbush onshore wind farm in Sutherland, England.
Shares in SSE were trading 0.1% lower at 1,499.00p each in London on Friday morning.
By Tapan Panchal; [email protected]
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