Tuesday 30 March 2021 9:46 am

SSE warns of £180m blow as renewables output shrinks

London-listed energy supplier SSE has warned this morning of a £180m blow to its annual profits after its year-to-date renewables output was around nine per cent less than planned.

Reduced wind generation and lower hydro volumes may have fuelled the blow, analysts have said.

The network operator reported a five per cent dip in renewable sources in February, and forecast a hit between £150m and £250m to its operating profit.

“It has been a uniquely challenging year for us all, but, thanks to strong operational performance and delivery against our net-zero strategy throughout 2020/21, we are on course to meet our financial objectives for the year,” finance director, Gregor Alexander, said.

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Last week, the department for Business, Energy & Industrial Strategy published provisional figures which showed a 10.7 per cent cut in carbon emissions in 2020 compared to 2019 levels, while total greenhouse gas emissions have fallen by nearly 9 per cent.

The figures signal a positive shift towards renewable energy as firms and countries alike make the pivot towards sustainability.

SSE also said that it has progressed plans to sell its entire stake in energy supplier Scotia Gas Networks. It will report its annual results on 26 May.