LONDON, July 3, 2026, 11:02 BST
- SSE PLC (LON:SSE) rose 1.10% to 2,487p in delayed mid-morning London trade, beating a 0.43% fall in the FTSE 100 (INDEXFTSE:UKX).
- SSEN Transmission said a UK grid update points to about £12 billion of potential further investment in north Scotland network assets.
- The £12 billion option is equal to about 40% of SSE’s equity value using Friday’s delayed share price and its July 1 voting-rights count.
The London Stock Exchange was open at the dateline time, with its regular session running from 0800 to 1630 BST. SSE PLC (LON:SSE) traded at 2,487p at 1046 BST, up 27p on the day, while the FTSE 100 (INDEXFTSE:UKX) was down 46.21 points at 10,606.66 in delayed data.
The stock’s sharper move came after a grid update gave investors a fresh number to put against SSE’s network growth story. SSEN Transmission said the National Energy System Operator’s Beyond 2030 update points to around £12 billion of potential further investment in the north of Scotland, on top of SSE’s funded £33 billion five-year plan.
| Instrument | Last price/level | Day move |
|---|---|---|
| SSE PLC (LON:SSE) | 2,487.00p | +1.10% |
| National Grid PLC (LON:NG) | 1,240.50p | +0.85% |
| Centrica PLC (LON:CNA) | 171.75p | +0.23% |
| FTSE 100 (INDEXFTSE:UKX) | 10,606.66 | -0.43% |
The peer table uses delayed market data from 1023 to 1047 BST.
SSE had already risen 3.10% on Thursday to £24.60, against a 1.67% gain for the FTSE 100, MarketWatch data showed. Even after Friday’s gain, the stock was still 10.14% below its April 13 high of 2,767.50p, according to Investors Chronicle data.
The new number matters because SSE’s share price now carries a larger unbooked regulated-network option. At 2,487p and 1,212,393,477 voting rights, the company’s equity value was about £30.2 billion. The potential £12 billion of extra SSEN Transmission work equals roughly 40% of that value, before debt funding, regulation, timing and returns.
The Beyond 2030 update includes two new 2 gigawatt high-voltage direct-current subsea links, known as EGL5 and EGL6, and a new 400 kilovolt double-circuit line from Greens in Aberdeenshire to Harburn in the SP Energy Networks system. SSEN said the projects still need a regulatory framework, confirmation of SSEN’s delivery role, and planning and regulatory approvals.
Rob McDonald, managing director of SSEN Transmission, called grid investment “the key enabler” and a “major catalyst of economic growth”. SSEN said its planned £29 billion five-year programme could support up to 10,000 jobs in north Scotland and 24,000 across Scotland. SSEN Transmission
| Investor measure | Figure | Read-across |
|---|---|---|
| Potential further SSEN Transmission investment from Beyond 2030 | about £12 bln | about 40% of Friday equity value |
| 2025/26 adjusted investment and capex | £3.59 bln | £12 bln is about 3.3 times latest annual capex |
| SSE funded investment plan to 2030 | £33 bln | plan already under way |
| 2025/26 adjusted EPS | 153.5p | about 16.2 times at 2,487p |
| 2026/27 adjusted EPS target | 168p-193p | about 14.8 to 12.9 times at 2,487p |
The table uses SSE’s May results, SSEN’s June 30 grid statement, SSE’s July 1 voting-rights notice and Friday delayed market data.
SSE’s latest accounts show why the network line is driving the equity case. Total electricity networks regulated asset value rose to £15.6 billion from £12.9 billion in the year to March 31, while SSEN Transmission adjusted operating profit was around 75% higher. Networks made about 40% of group adjusted operating profit.
Chief Executive Martin Pibworth said SSE “met all our financial and operational targets” in 2025/26 and said the funded £33 billion plan was “well under way”. The company kept adjusted EPS targets of 168p to 193p for 2026/27 and 225p to 250p for 2029/30. SSE
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said after the May results that investment spending was set to rise and supported SSE’s profit outlook. He also flagged execution risk: “Any missteps will likely see the valuation punished.” HL
The next scheduled stock test is July 16, when SSE is due to hold its annual general meeting and issue a first-quarter trading statement. The final dividend goes ex-dividend on July 23 and is due to be paid on Sept. 17.
