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Markets News

UPDATE 1-British power generator SSE saw 115 mln stg hit from coronavirus in first half

(Updates throughout)

LONDON, Nov 18 (Reuters) - British renewable power generator and network operator SSE Plc saw a 115 million pound ($152.64 million) hit to profit in the six months ending Sept. 30, due to the pandemic, the company said on Wednesday.

The company turned its focus to renewable power generation and networks after selling its household energy supply and services arm to OVO Energy at the beginning of the year in a deal worth 500 million pounds.

This placed it in a position to benefit from Britain’s plans to reach net zero emissions by 2050, which will require a huge ramp up of renewable electricity, it said.

SSE plans to invest 7.5 billion pounds in low-carbon projects over the next five years.

The company said earlier this year that it expects a full-year hit to profit of 150 million to 250 million pounds as measures to limit the spread of the virus hit energy demand.

Adjusted operating profit fell 15% to 418.3 million pounds during the half. ($1 = 0.7534 pounds) (Reporting by Susanna Twidale; Editing by Louise Heavens and Christopher Cushing)

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