LONDON, March 30, 2026, 19:10 BST
SSE on Monday outlined plans for its SSEN Transmission arm, targeting gross capital spend of about £29 billion over the plan period. Net impact for the group, according to investor materials, comes in at roughly £22 billion. 1
RIIO-T3 stands at the center of this—Ofgem’s five-year price control, stretching from April 2026 to March 2031, underpins SSE’s £33 billion investment program. On March 2, SSE gave the green light to Ofgem’s final terms, describing the deal as “investable and deliverable.” 2
SSE on Monday laid out a plan supporting about 21 gigawatts of new generation, with 21 substations included in the proposal. The project also calls for five fresh subsea links and more than 630 kilometers of double-circuit overhead lines. Included as well: over 1,200 kilometers of HVDC cable—high-voltage direct current—meant for moving big power loads across long stretches. 1
The presentation pointed to higher regulatory returns under the new framework. SSE said real return on equity for SSEN Transmission could reach 5.70%, with a blended real return on debt and equity at 4.68%—up from last year’s RIIO-T2 rates of 5.09% and 3.77%. Meanwhile, the company expects its regulated asset value, which underpins network returns, to surge to about £30 billion by 2030 from approximately £7 billion in 2025. 1
SSE shares rose 3.7% Monday, finishing at £25.74—outpacing the FTSE 100’s 1.6% gain. The UK utilities sub-index climbed 3.1%, Reuters reported, as investors shifted to defensive names with Middle East tensions simmering. Michael Hewson, senior market analyst at iForex, warned, “markets are underpricing the prospect” that the conflict could persist. 3
SSE’s near-term profit picture isn’t looking as bright. In February, the company projected adjusted earnings per share would land between 144 and 152 pence for the year through March 2026—a pullback from the 160.9 pence posted last year. Mixed weather factored into the weaker performance. CFO Barry O’Regan flagged stepped-up investment as the group pushes through its five-year plan. 4
Still, activity hasn’t let up. In February, SSEN Distribution tapped five companies for a Scottish subsea cable push that could total as much as £950 million. Then came March 11, when SSE said it had secured a provisional 3,581 megawatts of de-rated capacity—accounting for reliability—in the 2029/30 capacity auction for Britain. 5
SSE is pitching investors on its £33 billion plan unveiled last November, urging them to look beyond short-term noise. Chief executive Martin Pibworth called it a “once-in-a-generation opportunity” to reinforce key infrastructure. Over at Jefferies, Ahmed Farman said the move brings “clarity on the balance sheet and the company’s growth outlook.” About 80% of the investment is earmarked for regulated electricity networks. National Grid, the UK’s other listed giant in transmission, threw its support behind Ofgem’s broader grid ruling from December. 6
Execution is the real test. SSEN Transmission has secured 26 of 34 major consents, per Monday’s presentation, but the company still faces a scramble to nail down the remaining approvals. SSE put a spotlight on this earlier in the month, calling it a top priority for the rest of the year. Pressure over rising customer bills isn’t letting up, either. Back in December, Ofgem flagged that the sweeping £28 billion UK grid upgrade might add £108 to the average household bill by 2031. That hasn’t gone unnoticed—fuel-poverty advocates are pushing back, arguing network operators shouldn’t be handed a “blank cheque.” 1
SSE’s next moves aren’t far off. The company puts out its closed-period notice April 2, then heads for preliminary results covering the year through March 2026 on May 28. 7
