SSE Renewables has announced a substantial increase in profitability during the initial six months of 2023. The company recorded an adjusted operating profit of £86.6 million for this period, a notable rise from £15 million in the corresponding period the previous year.
The surge in renewable profitability is attributed to higher hedged prices and reduced hedge buybacks, despite unfavourable weather conditions causing a deviation from planned output. Both onshore and offshore wind revenues benefited from increased average hedge prices and lower costs associated with hedged output buybacks in a less volatile market.
The period’s output was influenced by exceptionally calm and dry weather conditions, especially in the first quarter of 2023/24. The Seagreen offshore wind farm’s commissioning resulted in a delayed but additional capacity, leaving SSE Renewables’ output approximately 0.8TWh or 19% below planned levels year to date.
This shortfall represents around 7% of the full-year volume budget but aligns closely with the previous period.
In the first half of 2023, the renewables division generated 3723GWh, including pumped storage, compared to 3725GWh during the same period in the previous year.
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