SSE said no decision has been made to spin out its renewables business amid speculation that one of the company’s investors is pushing for a break-up of the utility.
The company issued a statement to the stock exchange on Monday morning in “response to media speculation”.
“There has been no decision to break up the SSE Group. The Board remains fully focused on strategic choices which will drive shareholder value from the wealth of net zero opportunities the Company is creating,” it said.
“As outlined in May, SSE will provide an update on its plans to further accelerate growth in its portfolio with its Half Year Results in November, including details of significantly increased capital investment for the period to 2026, sources of funding and the company’s vision for further growth into the 2030s. This will include ambitions for installed renewable and flexible capacity, as well as networks RAV projections.”
It added: “SSE’s clear strategic focus is on renewables and regulated electricity networks, supported by carefully chosen businesses.”
Activist investor Elliott Investment Management has been building a position in SSE, according to reports. EIM wants management to split its renewables and networks businesses to create two companies.