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.
We are a leading global infrastructure and renewables search & recruitment business. Don’t forget to follow us on LinkedIn to keep up to date on our opportunities and current news. Please get in contact to discuss your hiring needs, salary bench-marking or market information: info@infra-be.com.
Join us on our podcast and subscribe to our newsletter to embark on an enlightening journey through the exciting landscapes of infrastructure and renewable energy. Stay connected, stay informed, and be part of the InfraBe community.
Tune in to our engaging podcast series where we dive deep into the dynamic realm of infrastructure and renewable energy. Join us as we discuss industry trends, innovative technologies, sustainable practices, and insightful interviews with experts and thought leaders. Stay informed and inspired on the go, gaining valuable insights to shape your perspective on the ever-evolving landscape of global infrastructure and renewables.
Stay ahead of the curve with our curated newsletter, delivering a regular dose of industry updates, exclusive content, and noteworthy developments. From project highlights and market analyses to career tips and emerging trends, our newsletter is your comprehensive source for staying informed in the world of infrastructure and renewable energy. Sign up using the form at the top right of this page.
