London, June 24, 2026, 15:10 BST
- SSEN study sees as many as 24,000 jobs across Scotland
- More grid and generation investment may lift UK output by around £60 billion
- SSE shares are up 0.3% in afternoon trading
SSE’s transmission unit on Wednesday said its planned £29 billion upgrade in northern Scotland could support as many as 24,000 jobs in Scotland, with 10,000 of those in the north. A study put spending from SSEN Transmission, other grid operators and power generators at a potential £60 billion boost to UK output. “Scotland is entering a period of unprecedented investment in our electricity transmission network,” said Managing Director Rob McDonald. Scottish Renewables CEO Claire Mack said “network infrastructure must keep pace”. SSEN Transmission
Scotland’s economy could end up as much as 3% bigger in the long run thanks to grid and renewables investment, according to the report. Macro modelling for the report was checked by the Fraser of Allander Institute. The numbers are economic estimates and not updated earnings guidance from SSE.
SSE holds a 75% stake in SSEN Transmission, and Ontario Teachers’ Pension Plan Board owns the other 25%. SSE expects to put about £22 billion into transmission by March 2030, out of its £33 billion group plan. With its partner, total planned spending on transmission stands near £29 billion. The company said in Wednesday’s release that the capital plan is unchanged.
SSE shares edged up 0.3% to 2,346 pence by 1451 BST. The stock started the session at 2,332 pence and traded as high as 2,351 pence.
SSE posted adjusted operating profit of £2.24 billion for the year to March, off 8%. Adjusted EPS landed at 153.5 pence. The company lifted investment 23% to £3.6 billion. Regulated networks delivered about 40% of operating profit.
SSE stuck with its adjusted EPS forecast at 168-193p for 2026/27 and 225-250p for 2029/30. CEO Martin Pibworth said “delivery of our fully-funded £33bn investment plan to 2030 … is well under way”. Investegate
The transmission build falls under RIIO-T3, Ofgem’s five-year price control starting April 1, 2026. The rules cover how monopoly gas and electricity network operators set spending and revenue.
But there is still execution risk. By March, SSEN had 75% of its big planning consents in place, with five out of 11 major transmission projects in the works. If the rest of the approvals take longer, spending and jobs in the plan could get pushed back.
SSE will release its first-quarter trading update on July 16, lining up with its annual shareholder meeting.
