SSE has unveiled a £33bn fully funded five-year investment plan that will significantly increase its focus on UK electricity networks in what the company described as a “once-in-a-generation opportunity” to upgrade national energy infrastructure.
The “Transformation for Growth” plan, running to 2029/30, represents a trebling of investment compared with the previous five-year period. Around £27bn – or 80% of total spend – will be channelled into regulated UK electricity networks, while the remaining £6bn will be selectively invested in renewables and flexibility assets.
The shift marks a clear pivot toward the grid business, with SSE aiming to triple the size of its regulated asset base and accelerate growth in its transmission and distribution operations. Gross regulated asset value (RAV) is expected to rise at a compound annual growth rate of around 25%, positioning SSE as one of the fastest-growing network operators globally.
Chief executive Martin Pibworth said: “This Transformation for Growth investment plan is built on a once-in-a-generation opportunity to upgrade the UK electricity network and build a cleaner, more secure and more affordable energy system.
“Our world is rapidly electrifying, and we need to build, connect and transport ever greater volumes of homegrown power to homes and businesses to power the digital age. SSE’s multi-decade-long track record of delivering major electricity assets means it is strongly positioned to respond to this critical infrastructure investment opportunity.”
SSE said the plan will deliver adjusted earnings per share growth of 7–9% annually to between 225–250p by 2029/30, underpinned by index-linked earnings from its regulated assets. By the end of the period, around 80% of group EBITDA will come from regulated activities, providing what the company called “consistent, predictable and highly visible” returns.
The investment programme is expected to increase SSE’s total RAV to about £40bn by 2030, while renewables capacity will almost double to 9GW through disciplined, selective investment.
Around £22bn will be directed to SSEN Transmission, representing about two-thirds of the plan. This will fund delivery of the RIIO-T3 programme, designed to connect new renewables and remove constraints on the national network. Together with its 25% partner, this investment is expected to lift transmission RAV to £30bn by the end of the decade, growing at roughly 30% annually.
SSEN Distribution will invest £5bn, including remaining RIIO-ED2 commitments and preparatory spending for the next regulatory period, ED3. This will increase distribution RAV to between £9bn and £10bn by 2029/30.
A further £4bn is earmarked for SSE Renewables to advance existing projects and explore new opportunities, while £2bn will support flexible generation and other thermal assets.
Funding for the £33bn plan will come from operational cash flow (55%), additional net debt and hybrid capital (35%), an equity placing worth £2bn (5%), and targeted asset rotations accounting for the remaining 5%. SSE said the programme will maintain its strong balance sheet, with net debt-to-EBITDA below 4.5 times and investment-grade credit ratings intact.
The company also reaffirmed its sustainable and progressive dividend policy, targeting annual dividend growth of 5–10% through 2029/30 from a 2024/25 baseline of 64.2p per share.
Pibworth said the plan would “unlock much-needed growth across the wider economy and support thousands of jobs” while positioning SSE as one of Europe’s leading electricity infrastructure companies.
He added: “Our focused, disciplined and fully-funded investment plan will transform the domestic energy system and improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”
SSE has meanwhile reported a 24% fall in adjusted operating profit to £655m for the six months to 30 September 2025, as higher investment and lower earnings from renewables and energy supply offset strong performance in its transmission business.
The company said results were “in line with expectations” and reflected normal seasonal patterns, with full-year guidance unchanged. Reported operating profit fell 30% to £634m, while adjusted profit before tax dropped 28% to £522m. Adjusted earnings per share decreased 29% to 36.1p.