LONDON, July 2, 2026, 00:05 BST
- SSE finished Wednesday 2.05% lower at 2,386p. The stock underperformed the FTSE 100 (INDEXFTSE:UKX), which slipped 0.18%.
- SSEN Transmission, which is 75% owned, could get over £12 billion in additional work, according to a regulatory update posted June 30.
- SSE’s July 1 voting-rights count and close put the company’s equity around £28.9 billion. The new project would be at least 31% of that if you go by SSE’s 75% share.
- SSE will put out its AGM and Q1 trading update on July 16. The stock goes ex-div for the final payout on July 23.
London was trading outside normal cash-market hours at the time of writing. The next session on the London Stock Exchange runs 0800-1630 BST, July 2.
SSE PLC (LON:SSE) lost 2.05% to 2,386p on Wednesday, underperforming the FTSE 100 (INDEXFTSE:UKX). The bigger issue for investors now is how much grid expansion is piling up for its north Scotland transmission side. SSEN Transmission said June 30 that NESO’s latest recommendations point to over £12 billion in possible investment across its license, pending further sign-off.
The size stands out compared to SSE’s public equity. SSE reported 1.212 billion voting rights as of July 1. At Wednesday’s close of 2,386p, that puts the equity market value around £28.9 billion, before factoring in any premium, discount, treasury shares, debt, or data differences. The £12 billion refers to all of SSEN Transmission, but SSE owns 75% of that business and Ontario Teachers’ Pension Plan Board has the other 25%.
| Measure | Figure | Read-through |
|---|---|---|
| SSE July 1 close | 2,386p | Shares slipped 2.05% on the day |
| Voting rights | 1.212 billion | Denominator as of July 1 |
| Implied equity value | About £28.9 billion | Calculated as price times voting rights |
| New potential SSEN Transmission work | More than £12 billion | Total project size at 100% |
| SSE 75% look-through share | More than £9 billion | That’s at least 31% of implied equity value |
| Existing SSEN Transmission programme | More than £29 billion | SSE has already outlined this at 100% basis |
This matters for investors because SSE is shifting away from being just a traditional power utility. Now it’s a regulated grid builder, and earnings growth depends on Ofgem, planning approvals and supply chain timing. SSE said in May capex for 2026/27 should top £5 billion, and left its adjusted EPS targets at 168p-193p for 2026/27 and 225p-250p for 2029/30.
SSE CEO Martin Pibworth said in May they hit every financial and operational target. He described the investment plan as “central to long-term value creation.” Investegate
The June 30 filing listed two new 2 GW HVDC connections, EGL5 and EGL6, and a 400 kV double-circuit link from Greens in Aberdeenshire to Harburn in the SP Energy Networks area. There was also a mention of a possible upgrade for the Dounreay–Loch Buidhe–Beauly route, but that work isn’t moving ahead for now.
| Projects from June 30 notice | Route or size | Status listed in notice |
|---|---|---|
| EGL5 | 2GW HVDC Longside to Lincolnshire | Potential reinforcement |
| EGL6 | 2GW HVDC Newmachar to southeast England | Potential reinforcement |
| Greens to Harburn | 400kV double-circuit line | Potential reinforcement |
| Dounreay-Loch Buidhe-Beauly | 275kV higher-capacity conductors | Possible future requirement, not proceeding now |
SSEN Transmission said the projects still need public consultation, more work with stakeholders, and planning signoff. The company also called for an “appropriate regulatory framework”, and wants early confirmation as the delivery body. So the £12 billion in outside capex isn’t locked in yet. Investegate
The new projects are big compared to SSE’s current regulated asset base. As of March 2026, SSEN Transmission RAV stood at £9.0 billion, while SSE’s total electricity networks RAV came in at £15.6 billion on a 100% basis. With a £12 billion slate, that’s about 1.3 times the transmission RAV and around 77% of the total networks RAV.
SSE has a £29 billion-plus SSEN Transmission plan for the RIIO-T3 price-control period, with 11 big projects listed. The company said construction has started on five, and over three-quarters of needed consents for substations, overhead lines and marine works are in place.
NESO said Britain’s power demand could jump by more than 30% in the mid-2030s. Without upgrades to the network, balancing costs could go up about three times between 2031 and 2035. NESO backed 43 projects for the next decade. “Clarity on network needs gives certainty to industry and confidence for investment decisions,” said Julian Leslie, director of strategic energy planning and chief engineer at NESO. National Energy System Operator (NESO)
Grid investment numbers are up again. NESO now sees possible 2030s network spending at £89 billion, compared with £58 billion in its previous forecast, according to The Guardian. Alice Delahunty, who runs National Grid PLC’s (LON:NG.) transmission unit, called plans like NESO’s an “important step in the right direction.” The Guardian
SSE is set to deliver its next market update on July 16, lining up with its AGM. The final dividend will trade ex-dividend on July 23. The record date is July 24, with the scrip reference price coming out July 30 and payment set for Sept. 17.
