SSE’s actual renewables output for nine months to 31 Dec 2021 totalled 6076 gigawatt-hours (GWh), compared with 7202GWh for the same period in 2020.
Renewables output from both SSE’s onshore wind and offshore wind fell in nine months to 31 Dec 2021.
Onshore wind reached 2791GWh compared with 3149GWh in nine months to 31 Dec 2020, while offshore wind reached 1099GWh in in nine months to 31 Dec 2021, compared with 1326GWh in the same period in 2020.
SSE said the shortfall in output was largely due to the summer months being “exceptionally still and dry” across the UK and Ireland.
The output figures were included in SSE’s trading forecast.
SEE is upgrading its expectations for full-year 2021/22 adjusted earnings per share to at least 90 pence from at least 83 pence.
This reflects the “strength and stability” provided by SSE’s balanced mix of regulated and market facing businesses, including good financial performance from flexible thermal and hydro plant which is “more than offsetting” lower than planned renewables output.
SSE intends to recommend a full-year dividend of 81p per share plus RPI for 2021/22 and continues to target an RPI linked dividend in 2022/23, followed by a rebase to 60p in 2023/24 and at least 5% increases in 2024/25 and 2025/26.
SSE remains on track to report full year 2021/22 capex in excess of £2bn.
Net debt is expected to be around £9bn at 31 March 2022, assuming the proceeds from the disposal of SSE’s 33.3% stake in SGN are received prior to the year-end.