SSE Delays Completion of First Phase of World's Largest Offshore Wind Farm

2 min read | October 03, 2024 05:15 PM BST | By Team Kalkine Media

Highlights:

  • SSE delayed the completion of Dogger Bank A, the first phase of the world’s largest offshore wind farm, to late 2025.
  • The project’s financial returns are not expected to be materially affected by the delay.
  • SSE’s renewables generated 44% more power year-on-year, driving positive interim earnings expectations.

SSE PLC (LSE:SSE) has announced that the completion of Dogger Bank A, the first phase of the world’s largest offshore wind farm, will be delayed. The company originally expected this phase to be completed by early 2025 but now anticipates finalizing it in the latter half of next year. Despite this delay, SSE has reassured stakeholders that project returns will not be “materially impacted.”

Dogger Bank A, located around 80 miles off the northeast coast of England, is set to provide up to 1.2 gigawatts of power—enough to supply energy to 2 million homes. This phase is part of the larger Dogger Bank wind farm, which is projected to become the world’s largest offshore wind farm, with the capacity to power approximately 6 million homes once fully operational.

In addition to the Dogger Bank update, SSE provided a positive outlook on its overall performance. The company reported that it expects its interim adjusted earnings per share to exceed 45p, driven by higher-than-expected renewable energy output. Over the six months leading to September, SSE's renewable energy projects produced 5.3 terawatt-hours of power, a 44% increase compared to the previous year.

SSE also commented on its thermal and gas storage businesses, noting that while earnings in these sectors were stable due to limited market volatility, they are still on track to generate £200 million in operating profits over the full year. Following this news, SSE shares saw a 1.9% increase on Thursday.


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