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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    GE’s digital power transformers selected for multiple projects across the globe

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    bp to invest up to £18 billion in UK energy system by 2030

    Giant offshore wind energy projects to be built in Irelands seas

    Kier to deliver onshore converter station for offshore wind project in the north east

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

  • Press Statements
    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

    GE's digital power transformers selected for multiple projects across the globe

    GE’s digital power transformers selected for multiple projects across the globe

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Home Market Reports

SSE plc interim results for the six months to 30 september 2016

in Market Reports, Renewable Power

SSE plc announced its interim results for the six months to 30 September 2016, during which adjusted profit before tax fell by 13.3% to £475.8m, compared to the same period in 2015.

The reduction reflects lower profits in its Wholesale and Retail businesses due to weather, lower customer numbers in very competitive markets and essential energy infrastructure upgrades such as smart meter roll-out costs. Its Network business saw a small increase, due to a continued focus on operational efficiency.


Energy company performance over six months can be variable due to seasonal fluctuations and so SSE focuses on results for the financial year as whole. It today confirmed it expects a return to growth this financial year, 2016/17.


SSE also announced it plans to invest a record £1.85bn of capital expenditure and investment in Great Britain and Ireland in 2016/17 as it continues to develop secure, sustainable and low carbon energy infrastructure for the future.


It confirmed it plans to use the proceeds from the sale of part of its stake in gas distribution company SGN to return value to shareholders, with an on-market share buy-back of around £500m, with around £100m to support investment in a new onshore windfarm at Stronelairg, near Fort Augustus.


Alistair Phillips-Davies, SSE Chief Executive, said despite greater uncertainty in the economy, SSE is investing record sums supporting the modernisation of the UK’s energy infrastructure, including power production, transmission and distribution, and is delivering enhanced services for its customers.


He said: “We are a company that invests and operates our businesses for the long-term and that’s why today we’ve announced plans for our largest ever investment in the UK this year – a record £1.85bn.


“From building the clean, lower carbon generation we need for the future, the new and upgraded wires to transport energy around the country, and new, improved service for energy supply customers, SSE is investing in customers, in jobs, in the business supply chain and in Great Britain and Ireland’s economies at a critical time.


“There is greater competition in energy supply than ever, but SSE continues to deliver for customers, with the lowest number of complaints in the industry, leading service and a growing range of products and services.

“This focus on customers and operational excellence mean SSE is well positioned for the future.”


Two of the largest ever private investments in Scotland are currently in construction: the 588MW 84 turbine Beatrice Offshore Wind Farm, which will power more than 450,000 homes and in which SSE has a 40% stake; and the new Caithness-Moray transmission link, which will strengthen the electricity grid in the North of Scotland. SSE is also building the largest wind farm in Ireland, Galway Wind Park, and will be installing smart meters into millions of customer homes through to 2020.

It will maintain this investment momentum with its total investment and capital expenditure through to 2020 expected to be close to £6bn.

SSE has a balanced range of energy-related businesses and all three reportable business segments contributed adjusted operating profit during the six months to 30 September 2016.

Wholesale

  • Energy Portfolio Management and Electricity Generation: adjusted operating profit decreased by £18.6m, to £123.2m mainly due to a 20.5% decrease in electricity output from renewable sources, partly offset by an improvement in the contribution from SSE’s thermal generation portfolio. For the year as a whole, SSE is still expecting to report an increase in EPM and Electricity generation operating profit and while SSE’s diverse portfolio of assets and contracts provides mitigation the volatile power market conditions we have seen in recent weeks in the GB power market could have ranging impacts
  • Gas Production: adjusted operating profit decreased by £12m to £2.1m reflecting lower gas prices, with some improvement in profitability expected in the second half of the year due to a higher winter gas price
  • Gas Storage: made an adjusted operating loss of (£4.3m) compared to a profit of £3.7m for the same period last year, reflecting the continued challenges in operating conditions.


Networks

  • Electricity Transmission: in line with expectations for 2016/17 outlined in SSE’s FY2015/16 Financial Results, adjusted operating profit decreased by £6.8m to £135.6m reflecting the phasing of capital expenditure and revenue associated with the growing asset base
  • Electricity Distribution: adjusted operating profit rose very slightly, by £2.4m to £181.0m, with the full benefit of previous under-recoveries of revenue still expected to be reflected in the second half of the year
  • Gas Distribution: SSE’s share of SGN’s adjusted operating profit rose by £8.7m to £139.3m, reflecting the profiling of revenue and continued good performance of the business.


Retail

  • Energy Supply: adjusted operating profit overall decreased by £26.7m to £47.1m. While adjusted operating profit from supplying energy to non-domestic customers improved in the period, this was more than offset by the impact on adjusted operating profit of factors in household energy supply – lower customer account numbers in a competitive market, the costs of delivering the smart meter roll-out and rising non-energy costs for electricity customers
  • Energy-related Services: adjusted operating profit fell by £2.6m to £8.6m, as SSE continues to invest in building scale in these businesses
  • Enterprise: adjusted operating profit fell by £11.7m to £4.8m reflecting continued competitive pressures.

Tags: interim results 2016SSE plc
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