SSEZY SSE PLC (PK)

By Anthony O. Goriainoff

SSE PLC said Thursday that it has made good progress in its disposal program, and that it is on course to get more than 2 billion pounds ($2.74 billion) from the sale of noncore assets and businesses not in line with its net zero strategy.

The FTSE 100-listed energy company said it is seeking to add to its renewables pipeline and has submitted bids alongside partners for a number of sites through the ScotWind seabed leasing process in Scotland.

The company said capital expenditure and investment for fiscal 2022 is still expected to be around GBP2 billion, net of project finance development expenditure refunds.

On the operational side, for the three months ended June 30, SSE reported a 19% fall in renewable power output, and said this was mainly due to weather conditions. The company said this shortfall represented less than 4% of the annual total output forecast.

SSE's gas-fired generation in the first quarter of fiscal 2022 was around 9% lower than in the year-prior period. The company said this was a reflection of plant availability and market conditions.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

July 22, 2021 02:42 ET (06:42 GMT)

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