Edition:
India

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.