London, March 5, 2026, 09:32 (GMT)
- SSE (SSE.L) shares were up about 0.7% at around 2,672p in early London trading
- Cornwall Insight forecast Britain’s household energy price cap could rise to £1,801 a year in July
- SSE’s transmission arm has accepted Ofgem’s RIIO-T3 funding settlement for 2026-2031
SSE Plc shares rose on Thursday, up about 0.7% at 2,672 pence by 09:30 GMT, data showed. The stock has gained roughly 76% over the past year and is hovering just below its 12-month high. 1
The timing matters. A fresh jump in wholesale gas prices has dragged Britain’s energy bills back into the centre of the inflation debate, and that can shift sentiment fast around utilities that invest for decades, not quarters.
In that backdrop, analysts at Cornwall Insight said on Wednesday Britain’s domestic energy price cap — the regulator-set limit on what suppliers can charge households on default tariffs — is forecast to rise about 10% in July. It put the typical annual bill at 1,801 pounds, up from 1,641 pounds in April, and pointed to wholesale prices rising alongside the war in Iran; gas prices in Britain were more than 70% higher than last week, Reuters reported. “This latest forecast puts the role of wholesale markets firmly back in the spotlight,” said Craig Lowrey, a principal consultant at Cornwall Insight. 2
For SSE, the renewed focus on bills and energy security cuts straight through its strategy. The group owns and runs electricity networks and generation assets, and investors often lean toward regulated network earnings when markets start worrying about inflation again. Rival National Grid, another heavyweight in networks, has also been leaning into big UK grid spending.
SSE’s transmission business, SSEN Transmission, accepted Ofgem’s RIIO‑T3 Final Determination on March 2. RIIO‑T3 is Ofgem’s five-year price control for electricity transmission — in plain terms, it sets allowed revenues and investment incentives for network companies from April 2026 to March 2031. SSEN Transmission said it saw the settlement as “investable” and “deliverable”, and said it had already secured 75% of major planning consents for 11 major transmission reinforcements, with five schemes in construction. 3
The wider investment plan is already in motion. SSE forecast adjusted earnings per share of 144 to 152 pence for the year ending March 2026, down from 160.9 pence reported last year, Reuters reported in February, citing mixed weather conditions. “Our focus has been on accelerating investment and delivering the plan,” CFO Barry O’Regan said in a statement at the time, as SSE pushed its 33 billion pound five-year programme. 4
Markets have been jumpy around energy prices for days. Britain’s FTSE 100 logged its biggest daily drop in nearly a year on March 3 as Brent crude jumped almost 7% and European gas prices surged 15%, Reuters reported, and traders pared back bets on Bank of England rate cuts. “If higher energy prices squeeze real incomes and prevent the Bank from cutting rates, hopes would be dashed,” said David Rees, head of global economics at Schroders. 5
But the picture can flip. If wholesale prices cool quickly, the political pressure around bills eases and the “inflation scare” trade fades, taking some of the shine off defensive utilities. On the company side, delays to planning approvals, cost inflation in big build projects and higher funding costs can all bite a group that is spending heavily year after year.
Investors now look ahead to SSE’s next scheduled results update: the company’s calendar shows preliminary results for the year ended March 31, 2026 are due on May 28. 6
