LONDON, July 2, 2026, 15:06 BST
- SSE was up 1.97% at 2,433p in London afternoon trading.
- NESO’s grid update shows more than £12bn in possible new projects for SSEN Transmission.
- The gross project tag is roughly 41% of SSE’s market value. The deal still needs approvals.
- SSE’s AGM and Q1 statement are set for July 16. The final dividend is scheduled to go ex-dividend on July 23.
SSE PLC (LON:SSE) was up 1.97% at 2,433p as of 15:06 BST Thursday. National Grid plc (LON:NG) rose 1.32% to 1,227p earlier in the afternoon. The FTSE 100 added 1.58% to 10,643.41. SSE shares are still trading about 12% lower than their 52-week high at 2,767.5p.
SSE slipped 2.05% Wednesday to £23.86 as the FTSE 100 edged down 0.18%. Trading volumes came in at 2.3 million shares, below the 50-day average of 4.2 million. Volume stayed subdued Thursday, at 2.17 million according to the latest quote.
Here’s how the latest quotes looked:
| Instrument | Last price/index | Day move | Intraday range | Volume / market value |
|---|---|---|---|---|
| SSE (LON:SSE) | 2,433p | up 1.97% | traded between 2,379p and 2,435p | 2.17 million shares; market cap at £29.44 billion |
| National Grid (LON:NG) | 1,227p | up 1.32% | range was 1,200.45p to 1,229p | 8.16 million shares; market cap £81.83 billion |
| FTSE 100 | 10,643.41 | up 1.58% | day’s range 10,436.76–10,660.76 | — |
The bigger equity focus is how large the new grid option could be. SSEN Transmission said NESO’s June 30 “Beyond 2030 Update” includes more north Scotland reinforcements, with over £12 billion of extra possible investment. SSEN Transmission is owned 75% by SSE and 25% by Ontario Teachers’ Pension Plan Board. Investegate
SSE is valued at £29.44 billion. With SSEN’s gross number and SSE’s results from May, that puts the scale into a simple perspective:
| Measure | Figure | Investor read |
|---|---|---|
| New SSEN potential investment | >£12 bln | That’s around 41% of SSE’s market cap |
| SSE 75% pro-rata interest | About £9 bln | Comes out to roughly 31% of market value |
| SSE FY2026 adjusted capex | £3.586 bln | The new option totals about 3.3x last year’s spend |
| SSE adjusted net debt and hybrid capital | £10.1 bln | That puts the gross option about 1.2x that debt |
This isn’t an award yet. SSEN said the projects have to go through public consultation, get named as the delivery body, and secure planning and regulatory sign-off. That’s still the key risk for the stock: grid queues that boost regulated assets can just as easily lead to higher bills, tougher finance questions and slower local approval.
Britain faces a bigger grid bill. NESO said the investment needed will hit about £89 billion through the 2030s, up 53% from the 2024 plan, Reuters said this week. Network fees make up roughly 25% of a typical home energy bill, and demand could climb more than 30% by the middle of the next decade.
SSEN listed these options:
| Project | Asset type | Route / area |
|---|---|---|
| EGL5 | 2GW HVDC link | From Longside/Netherton Hub in Aberdeenshire to Lincolnshire |
| EGL6 | 2GW HVDC link | Newmachar area to southeast of England |
| Greens to Harburn | 400kV double-circuit line | Aberdeenshire to SP Energy Networks’ zone |
| Dounreay-Loch Buidhe-Beauly | Higher-capacity 275kV conductors | Need for the project has been confirmed, but there are no live works |
Rob McDonald, SSEN Transmission managing director, said: “Investing in the electricity transmission network is the key enabler.” He linked the spending plan to jobs and supply chains, something that affects planning politics and allowed returns. SSEN Transmission
SSE’s plan is still focused on networks. In May, it said adjusted investment and capex jumped 23% to £3.586 billion, with 72% going to regulated electricity networks. The company held its adjusted EPS targets at 168p-193p for 2026/27 and 225p-250p for 2029/30.
Chief Executive Martin Pibworth said in May, “We met all our financial and operational targets.” The board recommended a final dividend of 47.3p, bringing the total payout for the year to 68.7p. With shares at 2,433p, the full-year dividend yield is about 2.8%. Investegate
The dispute over permissions is also starting to affect staffing. Daily Business said Wednesday that Claire Mack, who used to run Scottish Renewables, is set to become director of corporate affairs at SSE and SSEN Transmission in September. Mack called the job “a very natural next step.” Daily Business
SSE holds its AGM and gives a Q1 trading update on July 16. The group’s final dividend is set to go ex-dividend July 23 and pays out September 17.
