Energy group SSE upgrades full-year forecast after prices surge

SSE, one of the largest renewable energy and network operators in the UK, has pushed up its full-year earnings forecast after a surge in gas and electricity prices.

The FTSE 100 power generator on Friday said it now expected adjusted earnings of more than 150p a share for its financial year to the end of March, up from its earlier outlook of “at least” 120p.

The network operator said the upgrade “reflects the strength of the group’s diverse business mix” as well as the “increased certainty from strong operational performance”.

SSE remained on course to deliver record investment in excess of £2.5bn this year “with clear visibility for further investment opportunities that support the transition to net zero”, its statement said.

The London-listed energy group in November reported a fourfold increase in profits in the six months to September, buoyed by the volatility in gas and electricity prices that has stoked a cost of living crisis.

The group’s shares have risen 7.4 per cent in London trading over the past year.