LONDON, Feb 16, 2026, 08:40 GMT — Regular session.
- SSE shares eased in early London trade after last week’s move to a 52-week high
- Focus is shifting to regulatory milestones and SSE’s next scheduled updates
Shares in SSE Plc (SSE.L) were down 0.68% at 2,623 pence in early trade on Monday, based on delayed prices. The FTSE 100 utility opened at 2,633p and traded between 2,608p and 2,633p, after hitting a 52-week high of 2,645p on Feb. 13. Its market value stood at about 31.6 billion pounds. (London South East)
The move matters because SSE is in the middle of a big buildout of regulated electricity networks, and the market is trying to pin down what that spend does to earnings and cash flow. After the recent run-up, investors have less patience for surprises.
Utilities can look sleepy until they don’t. A small shift in allowed returns, financing costs or timing can move the needle, and price action has started to reflect that.
SSE earlier this month forecast adjusted earnings per share of 144 to 152 pence for the year ending March 2026, down from 160.9 pence a year earlier. The company pointed to network upgrades and mixed weather conditions. (Reuters)
In its Q3 trading statement, SSE said investment in its regulated networks rose 64% to around 1.8 billion pounds over the first nine months, part of a 33 billion pound plan running to 2029/30. Chief Financial Officer Barry O’Regan said the group was “accelerating investment and delivering the plan”, while warning guidance remains subject to weather, market conditions and plant availability. SSE also said it was assessing the “investability” of Ofgem’s next electricity transmission price control (RIIO‑T3), which sets allowed spending and returns, ahead of a March 3 deadline. (Sse)
Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, called SSE’s network operations “classic utility territory”, with predictable revenues but profits closely regulated. He said the timing of returns can lag investment, creating a drag on cash flows even when the long-term case stays intact. (Hargreaves Lansdown)
In early trade, peer National Grid was down 0.92% at 1,353.5p, leaving much of the UK utilities space on the back foot. SSE was tracking that weak tone, rather than leading it. (London South East)
Bond moves were not offering much of a tailwind. The UK 10-year government bond yield was around 4.41% on Monday, little changed from the prior session, and utilities often trade as rate-sensitive stocks because of their leverage and dividend appeal. (Trading Economics)
But the trade can go wrong quickly if the weather turns against renewables output or if outages bite into generation, just as spending stays elevated. Investors are also wary that a tougher regulatory settlement would make it harder to turn capex into steady, inflation-linked earnings.
The next near-term marker is March 3, the deadline SSE highlighted around Ofgem’s transmission price control. Beyond that, SSE’s investor calendar shows a closed-period statement on April 2 and preliminary results on May 28. (Sse)
