Scottish utility SSE has warned that continued dry, still and warm weather will result in a “significant reduction” in its results.
The Perth company said operating profit across the business was around £190m lower than expected after the first five months of the year due to a drop in output for renewables combined with high gas prices and lower volumes of energy being consumed.
Financial performance in the networks business is “in line with plan” and on course to deliver “a mid-single digit increase in adjusted operating profit”.
Chief executive Alistair Phillips-Davies said: “The underlying quality of SSE’s businesses remains strong with regulated networks and renewables providing the core of what will be an infrastructure-focused SSE group in the years ahead.”
He added: “This year’s £1.7bn programme of capital investment… has continued to go well in recent months.”
The executive also said SSE, which is spinning off its retail business into a new company alongside nPower, was reshaping and renewing the group to support delivery of its five-year dividend plan.