LONDON, May 20, 2026, 13:08 (BST)
SSE Plc slipped in London on Wednesday as the market focused less on a minor accounting boost to its earnings guidance and more on next week’s annual numbers. The utility faces pressure to prove how its big grid and renewables spend is hitting the bottom line and its cash generation.
Bid/ask on the stock was 2,317/2,319 pence during early afternoon, off 0.26%. Around 2.3 million shares changed hands, according to AJ Bell data.
Timing is key here. SSE is expected to put out its preliminary results for the year to March 31 on May 28, its investor calendar shows. Debt, investment returns and project updates are likely to be back in focus for shareholders after a slow patch for company news.
SSE investors looking at next week’s numbers will notice some changes. A May 13 filing shows the company has updated its 2025/26 adjusted earnings per share to 149-154 pence, up from the earlier 147-152 pence. The boost comes from an accounting shift tied to Neos Networks, which added 1.9 pence to the figure. SSE said its outlook for adjusted net debt and hybrid capital—its broader debt gauge—is still just over £10 billion.
SSE is leaning on operations. In April, the company said it sees renewables output up roughly 10% to 14.5 terawatt hours. Spending on regulated networks should jump about 60% from last year. SSE also stuck with its plan for around £3.5 billion in capital investment for the year.
UK inflation slowed more than forecast in April, dropping to 2.8% with cheaper household energy and utilities, but economists told Reuters the effect may not last as Middle East tensions hit fuel and other costs. SSE has to deal with those shifting interest rate bets and the swings in energy prices.
SSE is leaning on its spending as the main selling point for investors. CFO Barry O’Regan said in February that after rolling out the £33 billion plan, “our focus has been on accelerating investment and delivering the plan” to build earnings and value for shareholders. SSE
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said after SSE’s April update that “everything looks on track” before the full-year numbers, adding the company had “plenty of liquidity” to cover spending. But he said renewables still come with a “hefty dose of risk” due to weather hitting output. Hl
SSE isn’t the only one seeking shareholder support for bigger infrastructure spending. National Grid last week labeled its plan the “largest investment programme” in its history, putting at least £70 billion over five years and planning record capital investment of £11.6 billion for 2025/26. Investegate
Centrica has picked up the 850-megawatt Severn combined-cycle gas turbine, paying about £370 million. The British Gas owner announced the deal this month, citing the need for “reliable, flexible generation” as grid balancing grows more important in the energy transition, according to CEO Chris O’Shea. The Severn plant is a gas-fired facility. Centrica Plc
Still, there are risks. Bad wind or hydro years, outages at plants, higher funding costs, planning hold-ups, or another surge in energy prices could all slow delivery. Back in April, SSE said it was watching events in the Middle East, but hadn’t seen any direct hit to its performance so far, citing the strength of its business mix.
SSE faces investor focus on May 28, with the main question less about accounting and more on how it manages growth alongside leverage. Clear numbers would let regulated networks and renewable targets stay in view. But if the update shows higher costs, weak output or more debt, the £33 billion plan could face new scrutiny.
