May 25 (Renewables Now) - UK utility SSE Plc (LON:SSE) said it plans to invest GBP 6 billion (USD 8bn/EUR 6.9bn) over the next five years in the UK and Ireland, 70% of which in regulated electricity networks and renewable energy sources.
The spending plans were outlined today as the company reported preliminary results for the year to March 31, 2018. They include a GBP-350-million investment in a new flexible 840-MW gas-fired power station at Keadby in Lincolnshire. Chief executive Alistair Phillips-Davies said the gas plant will contribute to security of supply and aid the integration of more large-scale renewables.
In the first year of the five-year period to March 2023, SSE's capital spending is expected to be about GBP 1.7 billion.
In the 2017/18 financial year, the company's adjusted investment and capital expenditure was GBP 1.5 billion, with electricity networks accounting for 50.6% and renewable generation for 20.1%.
SSE's net capacity of renewable sources, including pumped storage and biomass, now stands at around 3.8 GW. It is expected to exceed 4.2 GW by 2020.
Adjusted operating profit from renewable generation was GBP 474.9 million, up from GBP 391.6 million in the previous year. Total adjusted operating profit declined 2.4% to GBP 1.83 billion, while reported pre-tax profit fell 38.9% to GBP 1.09 billion.
(GBP 1 = USD 1.332/EUR 1.143)