London, June 25, 2026, 13:07 (BST)
- SSE shares were up 3.2% at 2,423 pence, putting the company’s market cap at £29.4 billion.
- SSEN Transmission is planning to spend £29 billion on its north-Scotland network over five years.
- The 75% stake held by SSE brings the value to £21.75 billion, nearly matching the £22 billion transmission allocation the group disclosed.
SSE PLC (LON:SSE) hovered at 2,423 pence Thursday, close to its session peak of 2,431 pence. The FTSE 100 added 0.6%, putting SSE about 2.6 points ahead of the index.
SSEN Transmission put out economic modelling for £29 billion in new and upgraded grid infrastructure in northern Scotland. The company said the plan could support as many as 24,000 jobs in Scotland. “Scotland is entering a period of unprecedented investment in its transmission network,” said Rob McDonald, managing director of SSEN Transmission. Sse
The £29 billion figure is bigger than the £22 billion that SSE put toward transmission in its five-year plan. But 75% of £29 billion is £21.75 billion, which ends up about 1% away from the group’s number.
SSE has not unveiled a new £7 billion jump in group capital spending. The £29 billion figure comes from the transmission business’s program. SSE’s economic share is nearer to £22 billion.
Valuation depends on that difference. The gross programme is roughly 99% of SSE’s market cap right now. SSE’s share, adjusted for ownership, is around 74%. If you count both numbers as separate outlays, you inflate the capital load.
SSE’s average annual ownership-weighted transmission exposure over five years is £4.35 billion. That’s 21% higher than the group’s total investment of £3.6 billion in the year to March. This figure is a pure scale comparison, not a funding plan. Last year SSE reported adjusted operating profit of £2.24 billion and adjusted EPS at 153.5 pence.
SSE shares changed hands at 2,423 pence, putting the stock at 12.6 to 14.4 times adjusted EPS guidance for 2026/27 of 168 to 193 pence. That’s 13.4 times at the midpoint. Capital spend is on track to top £5 billion this year, at least 39% above 2025/26. Chief Executive Martin Pibworth called this investment program “central to long-term value creation”.
SSE’s move to put more investment into networks is a plus, Hargreaves Lansdown equity analyst Aarin Chiekrie said. He sees the company’s regulated asset base rising around 30% a year. But he also warned, “Any missteps will likely see the valuation punished.” Hargreaves Lansdown
Fitch said in April its ratings case assumed £29 billion in SSEN Transmission spending, with regulatory sign-off for 90% of the plan.
SSEN Transmission said it accepted Ofgem’s RIIO-T3 settlement, calling it investable and deliverable. The company reported it has 75% of its major planning consents in hand, with six projects through the process and five already under construction. It expects to keep working on the rest of the consents through 2026.
