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United Kingdom

SSE PLC (SSE.L)

SSE.L on London Stock Exchange

1,182.00GBp
22 Feb 2019
Change (% chg)

-7.50 (-0.63%)
Prev Close
1,189.50
Open
1,186.00
Day's High
1,190.00
Day's Low
1,181.00
Volume
2,303,566
Avg. Vol
3,146,072
52-wk High
1,449.50
52-wk Low
1,026.50

Latest Key Developments (Source: Significant Developments)

SSE to sell stake in Stronelairg and Dunmaglass windfarms to Greencoat
Friday, 1 Feb 2019 

Feb 1 (Reuters) - SSE PLC ::SSE PLC - SALE OF STAKE IN STRONELAIRG AND DUNMAGLASS.SSE PLC - PROPOSED DEAL FOR TOTAL CONSIDERATION IS £635M.SSE PLC - AGREEMENT TO SELL A 49.9% STAKE IN ITS STRONELAIRG AND DUNMAGLASS WIND FARMS TO GREENCOAT UK WIND PLC.SSE PLC - SSE WILL CONTINUE TO OPERATE BOTH ASSETS WHILE FUTURE DEVELOPMENT RIGHTS ARE IN LINE WITH EQUITY SHARE.SSE PLC - INTENDS TO USE UP TO £200M OF PROCEEDS TO FUND A DISCRETIONARY SHARE BUYBACK.SSE PLC - BUYBACK IS EXPECTED TO COMMENCE BEFORE TRANSACTION COMPLETES.SSE PLC - PROCEEDS FROM STAKE SALE WILL ALSO BE USED TO REDUCE NET DEBT.  Full Article

Greencoat to buy stake in Stronelairg and Dunmaglass windfarms from SSE
Friday, 1 Feb 2019 

Feb 1 (Reuters) - Greencoat UK Wind PLC ::GREENCOAT UK WIND PLC - ACQUISITION OF 35.5% OF STRONELAIRG AND DUNMAGLASS WIND FARMS AND PROPOSED PLACING TO RAISE UP TO £131 MILLION.GREENCOAT UK WIND PLC - UKW WILL ACQUIRE A NET 35.5% STAKE IN WIND FARMS FOR A CONSIDERATION OF £452M (INCLUDING CASH AND WORKING CAPITAL).GREENCOAT UK WIND PLC - MANAGED ACCOUNT WILL ACQUIRE A NET 14.4% FOR £183M IN WIND FARMS.GREENCOAT UK WIND PLC - SSE WILL CONTINUE TO HOLD REMAINING 50.1% IN WIND FARMS.GREENCOAT UK WIND PLC - SSE WILL CONTINUE TO OPERATE BOTH WIND FARMS WITH VESTAS.GREENCOAT UK WIND PLC - PROCEEDS FROM PLACING WILL BE USED TO REPAY OR REDUCE FUTURE DRAW DOWNS UNDER COMPANY'S REVOLVING CREDIT FACILITY.GREENCOAT UK WIND PLC - PROCEEDS FROM PLACING WILL BE USED TO REPAY OR REDUCE FUTURE DRAW DOWNS UNDER COMPANY'S REVOLVING CREDIT FACILITY.  Full Article

SSE To Sell 50 Pct Share Of Enterprise Telecoms Business For 380 Mln Stg
Friday, 21 Dec 2018 

Dec 21 (Reuters) - SSE PLC ::SSE PLC - SSE TELECOMS TRANSACTION.SSE PLC - AGREED TO SELL A 50% SHARE OF ITS SSE ENTERPRISE TELECOMS BUSINESS (SSEET) TO INFRACAPITAL FOR A TOTAL CONSIDERATION OF UP TO £380M.SSE PLC - CASH PROCEEDS OF TRANSACTION WILL BE USED TO REDUCE SSE'S NET DEBT.SSE PLC - CONSIDERATION COMPRISES: . £215M (LESS A SMALL ADJUSTMENT FOR WORKING CAPITAL), TO BE PAID ON COMPLETION OF TRANSACTION.SSE PLC - CONSIDERATION COMPRISES OF UP TO £85M DEFERRED CONSIDERATION BASED ON SSEET ACHIEVING CERTAIN BUSINESS OBJECTIVES.SSE PLC - COMPLETION IS EXPECTED TO BE BY END OF JUNE 2019 AT LATEST.SSE PLC - CONSIDERATION COMPRISES OF UP TO £80M PAID IN SERIES OF INSTALMENTS IN 5-YEAR TO 2024, BASED ON FINANCIAL TARGETS FOR OUT-PERFORMANCE.  Full Article

SSE Not To Proceed With Retail Tie-Up With Innogy
Monday, 17 Dec 2018 

Dec 17 (Reuters) - SSE PLC ::SSE ENERGY SERVICES TRANSACTION NOT PROCEEDING.SSE BOARD HAS DETERMINED IT IS NOT IN BEST INTERESTS OF STAKEHOLDERS TO PROCEED WITH PROPOSED SSE ENERGY SERVICES/NPOWER TRANSACTION.SSE AND INNOGY SE UNABLE TO REACH AGREEMENT ON REVISED COMMERCIAL TERMS.SSE ENERGY SERVICES EXPECTED TO BE PROFITABLE AND CASH FLOW-POSITIVE IN 18/19 AND 19/20.DECIDED THAT OTHER OPTIONS FOR SSE ENERGY SERVICES SHOULD NOW BE CONSIDERED, INCLUDING A STANDALONE DEMERGER.OTHER OPTIONS FOR SSE ENERGY SERVICES TO BE CONSIDERED ALSO INCLUDE LISTING ON EITHER PREMIUM OR STANDARD LISTING SEGMENT OF OFFICIAL LIST.OTHER OPTIONS FOR SSE ENERGY SERVICES TO BE CONSIDERED ALSO INCLUDE A SALE OR AN ALTERNATIVE TRANSACTION.NOW DOES NOT BELIEVE NEW COMPANY FROM SSE-INNOGY DEAL WOULD BE ABLE TO MEET TRADING COLLATERAL REQUIREMENTS IN A SUSTAINABLE WAY.DOES NOT BELIEVE NEW CO FROM SSE-INNOGY DEAL WOULD BE CAPABLE OF LISTING ON PREMIUM SEGMENT OF OFFICIAL LIST AND MAIN MARKET OF LSE.DEAL WITH INNOGY IMPACTED BY FACTORS INCLUDING PERFORMANCE OF RESPECTIVE BUSINESSES, CLARITY ON FINAL LEVEL OF DEFAULT TARIFF CAP.  Full Article

SSEN Welcomes Ofgem Orkney Needs Case Consultation
Friday, 14 Dec 2018 

Dec 14 (Reuters) - SSEN::SSEN WELCOMES OFGEM ORKNEY NEEDS CASE CONSULTATION.SSEN - SCOTTISH AND SOUTHERN ELECTRICITY NETWORKS WELCOMES PUBLICATION OF OFGEM’S NEEDS CASE CONSULTATION FOR THE ORKNEY TRANSMISSION REINFORCEMENT.SSEN- CO WELCOMES OFGEM’S RECOGNITION THERE NEED FOR REINFORCEMENT, THAT 220KV REINFORCEMENT IS OPTIMAL SOLUTION AND THAT LINK IS DELIVERABLE.SSEN- STRONGLY DISAGREES WITH OFGEM’S VIEW THAT 135MW OF NEW GENERATION IS REQUIRED BEFORE IT WILL APPROVE THE PROJECT.SSEN- REMAINS OF OPINION THAT VOLUME OF GENERATION REQUIRED TO JUSTIFY INVESTMENT IS NO MORE THAN 70MW.SSEN- AS COMBINATION OF CONDITIONS PROPOSED BY OFGEM LOOK EXTREMELY CHALLENGING TO ACHIEVE, THEY RISK THREATENING VIABILITY OF PROJECT UNLESS CHANGED.SSEN- WILL UNDERTAKE ROUND OF ENGAGEMENT WITH GENERATION CUSTOMERS, STAKEHOLDERS WITH ORKNEY INTEREST TRANSMISSION TO RESPOND TO OFGEM’S CONSULTATION.SSEN- WILL CONSIDER ALL OPTIONS AVAILABLE TO ENSURE INTEGRITY OF PRICE CONTROL IS MAINTAINED AND THE DEVELOPMENT OF EXISTING PROJECTS CONTINUES.  Full Article

UK's Ofgem Proposes Changes To SSEN's Plan For New Orkney Electricity Link
Friday, 14 Dec 2018 

Dec 14 (Reuters) - Ofgem::OFGEM SSE PLC - OFGEM CONSULTATION ON ORKNEY ELECTRICITY LINK.OFGEM -PROPOSES CHANGES TO SSEN'S PLAN FOR NEW ORKNEY ELECTRICITY LINK TO SAVE CONSUMERS MONEY.OFGEM -BELIEVES THAT SSEN'S PROPOSALS DO NOT DO ENOUGH TO PROTECT CONSUMERS FROM RISKS OF PAYING FOR A LINK THAT IS BIGGER THAN NEEDED.OFGEM - ALSO PLANS TO REDUCE COST TO CONSUMERS OF BUILDING LINK BY SEEKING TO REPLICATE OUTCOMES OF COMPETITION.OFGEM - WILL MAKE A DECISION ON BUSINESS CASE FOR ORKNEY LINK IN SPRING 2019, WILL CONFIRM IF IT WILL USE COMPETITION PROXY MODEL AT SAME TIME.OFGEM - ORKNEY LINK APPROVAL SUBJECT TO SSEN DEMONSTRATING THAT AT LEAST 135MW OF ORKNEY NEW GENERATION HAS BEEN AWARDED CFD IN GOVERNMENT'S AUCTION.OFGEM - CONSULTING ON APPROVING AN SSEN TRIAL TO IMPROVE MANAGEMENT OF QUEUE OF GENERATORS WANTING CONNECTIONS ON ORKNEY.OFGEM- ORKNEY LINK APPROVAL SUBJECT TO SSEN DEMONSTRATING BY DEC 2019 THAT IT SECURED PLANNING CONSENT AND FINANCE TO CONSTRUCT ITS PROJECT.  Full Article

SSE Implements Default Tariff Cap
Tuesday, 27 Nov 2018 

Nov 27 (Reuters) - SSE PLC ::SSE PLC - SSE IMPLEMENTS THE DEFAULT TARIFF CAP.SSE PLC - VAST MAJORITY OF SSE’S STANDARD VARIABLE TARIFF (SVT) CUSTOMERS WILL SEE A REDUCTION IN THEIR ANNUAL ENERGY COSTS.SSE PLC - DUE TO WAY CAP IS CALCULATED, THERE WILL BE A COMPARATIVELY SMALL NUMBER OF CUSTOMERS THAT WILL SEE AN INCREASE IN OVERALL ENERGY COSTS.  Full Article

Innogy CFO says JV talks could theoretically still collapse
Tuesday, 13 Nov 2018 

Nov 13 (Reuters) - Innogy ::CFO SAYS Q4 HAS NOT STARTED PARTICULARLY WELL WITH REGARD TO RENEWABLES SEGMENT.CFO SAYS WIND SPEED LEVELS IN Q4 SO FAR DO NOT LOOK PROMISING AFTER BELOW-AVERAGE Q2/3.CFO, ASKED WHETHER TALKS WITH SSE <<>> ABOUT PLANNED RETAIL JV COULD THEORETICALLY STILL COLLAPSE, SAYS SUCH A SCENARIO CANNOT BE RULED OUT.CFO SAYS HAVE LOST ABOUT 50,000 RETAIL CUSTOMERS IN GERMANY YEAR-TO-DATE.CFO SAYS LOST CLOSE TO 500,000 CUSTOMERS IN BRITAIN SO FAR THIS YEAR.CFO SAYS TALKS WITH MACQUARIE <<>> ABOUT CZECH NETWORKS BUSINESS ONGOING.  Full Article

SSE In Talks With Innogy Over New Commercial Terms For SSE Energy, Innogy Deal
Thursday, 8 Nov 2018 

Nov 8 (Reuters) - SSE PLC ::SSE PLC - SSE ENERGY SERVICES TRANSACTION.SSE PLC - SSE AND INNOGY SE WORKING TOGETHER REGARDING POTENTIAL CHANGES TO COMMERCIAL TERMS OF PROPOSED COMBINATION OF SSE ENERGY SERVICES AND NPOWER.SSE PLC - SSE PLC AND INNOGY SE HAVE ENTERED INTO DISCUSSIONS AND ARE WORKING TOGETHER REGARDING LISTING OF NEW COMPANY ON MAIN MARKET OF LSE.SSE PLC - DISCUSSIONS ARE EXPECTED TO TAKE PLACE OVER SEVERAL WEEKS, AND AN UPDATE ON THEIR PROGRESS WILL BE PROVIDED BY MID-DECEMBER.SSE PLC - SSE DOES NOT INTEND TO PROVIDE FURTHER COMMENT ON DISCUSSIONS WITH INNOGY UNTIL THAT UPDATE.SSE PLC - LIKELY THAT COMPLETION OF PROPOSED COMBINATION OF SSE ENERGY AND NPOWER WILL BE DELAYED BEYOND Q1 OF 2019.SSE PLC - IMPACT OF SOME RECENT MARKET DEVELOPMENTS MEAN THAT COMMERCIAL TERMS ASSOCIATED WITH PROPOSED COMBINATION OF WILL NEED TO BE RECONSIDERED.  Full Article

SSE Welcomes SSE Retail - Npower Deal Clearance By UK's CMA
Wednesday, 10 Oct 2018 

Oct 10 (Reuters) - SSE PLC ::STATEMENT RE: CMA FINAL REPORT.WELCOMES CMA'S PUBLICATION OF FINAL REPORT FOLLOWING INQUIRY INTO PROPOSED MERGER OF SSE RETAIL AND INNOGY SE GB RETAIL BUSINESS, NPOWER LTD.  Full Article

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Little leeway to ease consumer pain as European power prices soar

PARIS/WARSAW/LONDON Households across Europe should brace for higher energy bills this year as governments have had little success in limiting rises in the face of soaring wholesale and environmental costs.