LONDON, June 26, 2026, 14:06 (BST)
- SSE PLC (LON:SSE) dropped 1.03% to 2,394p by 14:04 BST. Shares had climbed 3.02% on Thursday.
- SSE’s Coire Glas pumped hydro project was added to Ofgem’s provisional cap-and-floor list for long-duration storage.
- Coire Glas makes up 1.44 GW, or 18.8% of the preferred 7.645 GW portfolio; by storage in MWh, it’s about a third of the portfolio.
- SSE said more detailed work is needed before the project can move forward.
SSE PLC (LON:SSE) traded down 1.03% at 2,394 pence as of 14:04 BST Friday after the stock had jumped 3.02% to £24.19 on Thursday. The slip came after a regulatory move assigned a specific value to the company’s stalled Coire Glas pumped hydro project.
Ofgem says it plans to back 16 long-duration electricity storage projects, together offering 7,645 MW under its cap-and-floor plan. Coire Glas, in north Scotland, is listed at 1,440 MW and 32 hours duration. That’s second in capacity to Earba, but Coire Glas tops the list for stored energy based on Ofgem’s numbers.
Investor focus is here. Coire Glas accounts for 18.8% of preferred capacity and about 46.1 GWh of implied storage, or 33.7% of total MWh according to Ofgem’s capacity and duration data. The asset is big enough to affect SSE’s returns, debt, and execution risk.
Cap-and-floor support won’t take away project risk. The model sets a minimum revenue and a maximum—extra revenue above the cap goes back to consumers. Ofgem says that means downside is limited and upside is shared. “We’re creating the right infrastructure for renewable energy to thrive,” said Ofgem’s Akshay Kaul, director general for infrastructure. Ofgem
SSE isn’t calling this the final approval yet. The company said it still needs to look at Ofgem’s project review and handle “a significant number of points of detail” before Coire Glas can move ahead. SSE also said a final decision depends on whether the project hits its capital discipline and return requirements. Sserenewables
SSE is deep in a spending cycle, which makes that warning relevant. Back in May, the group posted adjusted operating profit of £2.24 billion for the year to March 31, down 8%. Investment, though, jumped 23% to a record £3.6 billion. SSE said it invested 60% more than it earned in adjusted operating profit and stuck with a full-year dividend of 68.7p, a rise of 7%.
SSE’s (LON:SSE) network move got another update Thursday. SSEN Transmission, which runs its grid, said the £29 billion north Scotland plan may bring up to 10,000 regional roles and 24,000 jobs Scotland-wide. “We are entering a period of unprecedented investment,” SSEN Transmission boss Rob McDonald said about the electricity grid project. Sse
FTSE 100 falls, commodity stocks drag London’s FTSE 100 slipped 0.7% by 0907 GMT on Friday, Reuters said, as commodity stocks weighed and a global pullback in risk appetite hit shares. The share price didn’t stage a clean storage bounce.
For shareholders, Coire Glas comes down to timing and returns. Ofgem put the project second in its economic assessment, scored it 170.39, and found it above the financial threshold, with a green deliverability rating.
Ofgem’s consultation, which started June 26 and runs until Aug. 7, is procedural. Final cap-and-floor awards should come in autumn 2026.
