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SSE PLC (SSE.L)

SSE.L on London Stock Exchange

1,038.00GBp
24 May 2019
Change (% chg)

25.50 (+2.52%)
Prev Close
1,012.50
Open
1,018.00
Day's High
1,039.00
Day's Low
1,010.50
Volume
4,880,880
Avg. Vol
2,902,678
52-wk High
1,444.50
52-wk Low
997.80

Latest Key Developments (Source: Significant Developments)

SSE Appoints Katie Bickerstaffe Executive Chair Of SSE Energy Services
Wednesday, 22 May 2019 

May 22 (Reuters) - SSE PLC ::SSE PLC - SSE PLC APPOINTS KATIE BICKERSTAFFE AS EXECUTIVE CHAIR OF SSE ENERGY SERVICES.SSE PLC - GORDON BOYD APPOINTED INTERIM CHIEF FINANCIAL OFFICER.SSE PLC - STEPHEN FORBES AND TONY KEELING TO JOIN BOARD AND EXECUTIVE COMMITTEE AS MANAGING DIRECTORS.SSE PLC - FURTHER POSITIVE DISCUSSIONS HELD WITH THIRD PARTIES ON PROVISION OF COLLATERAL AND TRADING SERVICES TO SSE ENERGY SERVICES.SSE PLC - SSE CONTINUING PROGRESS TOWARDS A LISTING OR NEW, ALTERNATIVE OWNERSHIP BY SECOND HALF OF 2020.SSE PLC - KATIE BICKERSTAFFE WILL TAKE UP NEW ROLE ON 23 JUNE 2019 ALONGSIDE GORDON BOYD, WHO JOINS AS INTERIM CHIEF FINANCIAL OFFICER.SSE PLC - REPORTED A REDUCTION IN PROFIT DUE TO ITS DECISION TO ABSORB SOME OF IMPACT OF HIGHER WHOLESALE PRICES FOR CUSTOMERS IN 2018.SSE PLC - SSE ENERGY SERVICES REPORTED A REDUCTION IN PROFIT IN EFFECT OF DEFAULT TARIFF CAP FROM JAN TO MARCH 2019, AND LOWER CUSTOMER NUMBERS.  Full Article

SSE Says Process For Identifying New Chair Will Get Under Way In Course Of 2019
Wednesday, 22 May 2019 

May 22 (Reuters) - SSE PLC ::SSE PLC - BOARD OF SSE PLC.SSE PLC - RICHARD SHOULD CHAIR BOARD FOR A FURTHER PERIOD, ENDING NO LATER THAN 31 MARCH 2021, WHEN RIIO2 PRICE CONTROL PROCESS WILL HAVE CONCLUDED.SSE PLC - RICHARD HAS AGREED TO CHAIR BOARD FOR A FURTHER PERIOD SUBJECT TO BEING RE-ELECTED TO BOARD AT COMPANY'S AGM.SSE PLC - PROCESS FOR IDENTIFYING NEW CHAIR WILL GET UNDER WAY IN COURSE OF THIS YEAR.  Full Article

SSE Says Nationalisation Would Most Likely "Jeopardise" Some Wider Energy Policy Goals
Wednesday, 22 May 2019 

May 22 (Reuters) - SSE PLC ::FY ADJUSTED PRETAX PROFIT FELL 38 PERCENT TO 725.7 MILLION STG.FINAL DIVIDEND OF 68.2 PENCE, MAKING FULL-YEAR DIVIDEND OF 97.5 PENCE, IN LINE WITH FIVE-YEAR DIVIDEND PLAN.FINAL DIVIDEND OF 68.2 PENCE, MAKING FULL-YEAR DIVIDEND OF 97.5 PENCE IN FY.FY REPORTED PROFIT BEFORE TAX OF £1,370.6M, UP 59%.FY ADJUSTED EARNINGS PER SHARE OF 67.1 PENCE, DOWN 32%.INTENTION TO RECOMMEND A FULL-YEAR DIVIDEND OF 80 PENCE PER SHARE FOR 2019/20.SEES 2019/20 ADJUSTED INVESTMENT AND CAPITAL EXPENDITURE EXPECTED TO BE AROUND £1.5BN.SSE - SEES FY ADJUSTED OPERATING PROFIT IMPROVING BUT LIKELY TO BE IMPACTED BY EXPECTED PHASING OF PROFITS IN REGULATED ELECTRICITY NETWORKS.FY REVENUE FROM CONTINUING OPERATIONS 7,331.6 MILLION STG VERSUS 27,250.4 MILLION STG LAST YEAR.SEES 2019/20 ADJUSTED OPERATING PROFIT ALSO IMPACTED BY RENEWABLE OUTPUT FOR 19/20 BEING HEDGED AT LESS THAN CURRENT MARKET PRICES.SSE - ENERGY SECTOR AS A WHOLE REMAINS UNDER SIGNIFICANT SCRUTINY, INCLUDING FROM LABOUR PARTY, WHICH ADVOCATES NATIONALISATION OF ENERGY NETWORKS.THERE IS A HUGE DEGREE OF UNCERTAINTY, INCLUDING: UNCERTAINTY ABOUT WHAT FINAL FORM OF LABOUR'S POLICY WILL BE IN A GENERAL ELECTION.ADJUSTED INVESTMENT AND CAPITAL EXPENDITURE EXPECTED TO BE AROUND £1.5BN FOR 2019/20.MAINTAINS AN OPEN DIALOGUE WITH LABOUR PARTY'S REPRESENTATIVES, TO BETTER UNDERSTAND ITS PROPOSALS.  Full Article

Ofgem Says SSE Pays 700,000 Stg After Missing Gas Smart Meter Target
Wednesday, 3 Apr 2019 

April 3 (Reuters) - OFGEM::OFGEM- SSE PAYS £700,000 AFTER MISSING GAS SMART METER TARGET.OFGEM- SSE IS TO PAY OUT £700,000 AFTER IT MISSED ITS TARGET TO INSTALL GAS SMART METERS FOR CUSTOMERS IN 2018..OFGEM- SUPPLIERS ARE REQUIRED BY LAW TO TAKE ALL REASONABLE STEPS TO ROLL-OUT SMART METERS TO ALL HOMES AND SMALL BUSINESSES BY END OF 2020.OFGEM- SSE MET ITS ELECTRICITY SMART METERS INSTALLATION TARGET FOR 2018, BUT MISSED ITS GAS TARGET.OFGEM- SSE REACHED ITS GAS TARGET FOR 2018 IN FEBRUARY THIS YEAR, LESS THAN TWO MONTHS AFTER DEADLINE.OFGEM- DUE TO STEPS SSE HAS TAKEN, OFGEM HAS DECIDED NOT TO TAKE FORMAL ENFORCEMENT ACTION.  Full Article

SSE Refinances 1.3 Bln Stg Revolving Credit Facility
Friday, 29 Mar 2019 

March 29 (Reuters) - SSE PLC ::SSE PLC - £1.3BN REVOLVING CREDIT FACILITY REFINANCED.SSE PLC -FACILITY PROVIDED BY A GROUP OF TEN BANKS FOR A NEW 5 YEAR PERIOD, TO EXTEND MATURITY DATE FROM JULY 2022 TO MARCH 2024.SSE PLC -FACILITY PROVIDED BY A GROUP OF TEN BANKS FOR A NEW 5 YEAR PERIOD, WITH OPTIONS TO EXTEND TO MARCH 2026.  Full Article

SSE To Buyback Shares Worth 50 Mln Stg
Thursday, 28 Mar 2019 

March 28 (Reuters) - SSE PLC ::SSE PLC - NON-DISCRETIONARY SHARE BUYBACK PROGRAMME.SSE PLC - CREDIT SUISSE TO REPURCHASE ITS ORDINARY SHARES FOR CANCELLATION UP TO VALUE OF £50 MILLION IN TOTAL BETWEEN 29 MARCH 2019 AND 22 MAY 2019.SSE PLC - THESE ARRANGEMENTS FORM PART OF COMPANY'S CAPITAL RETURN PROGRAMME ANNOUNCED ON 1 FEBRUARY 2019.  Full Article

SSE Expects Proceeds Of Over 1 Bln Stg From Asset Disposals For 2018/19
Thursday, 28 Mar 2019 

March 28 (Reuters) - SSE PLC ::NOTIFICATION OF CLOSED PERIOD.EXPECTS THAT IT WILL DELIVER FOR 2018/19 A FULL-YEAR DIVIDEND OF 97.5 PENCE PER SHARE.SSE'S ADJUSTED CURRENT TAX RATE FOR 2018/19 IS STILL FORECAST TO BE LESS THAN 1% DUE TO REDUCTION IN ADJUSTED PROFIT BEFORE TAX.IN LINE WITH SSE'S PLANS FOR DIVIDEND SET OUT IN MAY 2018, SSE STILL EXPECTS DIVIDEND TO BE SET AT 80 PENCE PER SHARE FOR 2019/20.SEES CASH PROCEEDS OF OVER £1BN FROM VALUE-CREATING ASSET DISPOSALS FOR 2018/19.SEES CAPITAL AND INVESTMENT EXPENDITURE TOTALLING AROUND £1.7BN FOR 2018/19.SEES NET DEBT AND HYBRID CAPITAL OF AROUND £9.5BN ON 31 MARCH 2019.  Full Article

SSE To Close One Of Four Units At Fiddler's Ferry
Tuesday, 19 Mar 2019 

March 19 (Reuters) - SSE PLC ::SSE PLC - SSE TO CLOSE ONE OF ITS FOUR UNITS AT FIDDLER'S FERRY.SSE PLC - PLC BOARD HAS AGREED TO IT CLOSING UNIT 1 (485MW) AT FIDDLER’S FERRY..SSE PLC - REMAINING THREE UNITS AT FIDDLER’S FERRY ALL HAVE CAPACITY MECHANISM CONTRACTS AND WILL CONTINUE TO OPERATE AS NORMAL.SSE PLC - SSE WILL CONTINUE TO REVIEW THE LONG TERM FUTURE FOR THE STATION.  Full Article

Ofgem Says SSE Plc Pays Out 705,000 Stg Over FIT Misreporting
Wednesday, 27 Feb 2019 

Feb 27 (Reuters) - OFGEM : :OFGEM SSE PLC - SSE PAYS OUT £705,000 OVER FIT MISREPORTING.UK'S OFGEM - SSE WILL PAY £455,705 IN INTEREST TO FIT LEVELISATION FUND AND £250,000 TO OFGEM'S VOLUNTARY REDRESS FUND OVER INCORRECT SUBMISSIONS.UK'S OFGEM - SSE OVERSTATED GENERATION PAYMENTS IN ITS FEED-IN TARIFF (FIT) ANNUAL SUBMISSIONS TO OFGEM DUE TO AN ADMINISTRATIVE ERROR.UK'S OFGEM - SSE REPORTED ERROR TO OFGEM AND HAS PAID BACK OVERPAYMENT.OFGEM - RECOMMENDED ACTIONS TO IMPROVE SSE'S FIT REPORTING PROCESSES AND REDUCE RISK OF FUTURE NON-COMPLIANCE, WHICH SSE IS CURRENTLY IMPLEMENTING.  Full Article

SSE to sell stake in Stronelairg and Dunmaglass windfarms to Greencoat
Friday, 1 Feb 2019 

Feb 1 (Reuters) - SSE PLC ::SSE PLC - SALE OF STAKE IN STRONELAIRG AND DUNMAGLASS.SSE PLC - PROPOSED DEAL FOR TOTAL CONSIDERATION IS £635M.SSE PLC - AGREEMENT TO SELL A 49.9% STAKE IN ITS STRONELAIRG AND DUNMAGLASS WIND FARMS TO GREENCOAT UK WIND PLC.SSE PLC - SSE WILL CONTINUE TO OPERATE BOTH ASSETS WHILE FUTURE DEVELOPMENT RIGHTS ARE IN LINE WITH EQUITY SHARE.SSE PLC - INTENDS TO USE UP TO £200M OF PROCEEDS TO FUND A DISCRETIONARY SHARE BUYBACK.SSE PLC - BUYBACK IS EXPECTED TO COMMENCE BEFORE TRANSACTION COMPLETES.SSE PLC - PROCEEDS FROM STAKE SALE WILL ALSO BE USED TO REDUCE NET DEBT.  Full Article

UPDATE 2-SSE earnings drop, outlook unclear on Labour nationalisation threat

May 22 Energy supplier SSE Plc said on Wednesday annual earnings fell more than a third as it battled stiff competition and warned of an uncertain outlook due to the opposition Labour party's plans to nationalise Britain's energy networks.