SSE has launched a £33 billion investment plan, dubbed “Transformation for Growth,” that will significantly bolster its focus on UK electricity networks over the next five years. This plan, which runs until 2029/30, represents a tripling of investment compared to the previous five-year period. The majority of the funding, around £27 billion or 80% of the total, will be directed towards regulated UK electricity networks, with the remaining £6 billion allocated to renewables and flexibility assets.
This strategic shift underscores SSE’s pivot towards grid infrastructure, aiming to triple the size of its regulated asset base and accelerate growth in its transmission and distribution operations. The company anticipates a compound annual growth rate of around 25% in gross regulated asset value (RAV), positioning SSE among the fastest-growing network operators globally.
Chief executive Martin Pibworth emphasized the urgency and opportunity of this investment, stating, “This Transformation for Growth investment plan is built on a once-in-a-generation opportunity to upgrade the UK electricity network and build a cleaner, more secure and more affordable energy system.” He further highlighted the critical need to build, connect, and transport increasing volumes of homegrown power to support the electrification of the economy.
The investment plan is expected to deliver adjusted earnings per share growth of 7–9% annually, reaching between 225–250p by 2029/30. By the end of the period, around 80% of group EBITDA will stem from regulated activities, providing consistent, predictable, and highly visible returns. The total RAV is projected to increase to about £40 billion by 2030, while renewables capacity will nearly double to 9GW through selective investments.
A significant portion of the investment, around £22 billion, will be directed to SSEN Transmission to fund the RIIO-T3 programme. This initiative aims to connect new renewables and remove constraints on the national network, with the expectation of lifting transmission RAV to £30 billion by the end of the decade. SSEN Distribution will receive £5 billion, including remaining RIIO-ED2 commitments and preparatory spending for the next regulatory period, ED3, increasing distribution RAV to between £9 billion and £10 billion by 2029/30.
Additionally, £4 billion will support SSE Renewables to advance existing projects and explore new opportunities, while £2 billion will be allocated to flexible generation and other thermal assets. Funding for the £33 billion plan will come from operational cash flow (55%), additional net debt and hybrid capital (35%), an equity placing worth £2 billion (5%), and targeted asset rotations (5%). SSE assured that the programme will maintain a strong balance sheet, with net debt-to-EBITDA below 4.5 times and investment-grade credit ratings intact.
The company also reaffirmed its sustainable and progressive dividend policy, targeting annual dividend growth of 5–10% through 2029/30 from a 2024/25 baseline of 64.2p per share. Pibworth highlighted that the plan would “unlock much-needed growth across the wider economy and support thousands of jobs” while positioning SSE as one of Europe’s leading electricity infrastructure companies. He added, “Our focused, disciplined and fully-funded investment plan will transform the domestic energy system and improve lives, whilst creating sustainable value for our shareholders and society for decades to come.”
In its half-year results, SSE reported a 24% fall in adjusted operating profit to £655 million for the six months to 30 September 2025. This decline was attributed to higher investment and lower earnings from renewables and energy supply, offsetting strong performance in its transmission business. The company noted that results were “in line with expectations” and reflected normal seasonal patterns, with full-year guidance unchanged. Reported operating profit fell 30% to £634 million, while adjusted profit before tax dropped 28% to £522 million. Adjusted earnings per share decreased 29% to 36.1p.
This bold investment plan by SSE could significantly shape the development of the UK’s energy sector. By focusing on upgrading and expanding the electricity network, SSE is positioning itself to play a pivotal role in the transition to a cleaner, more secure, and affordable energy system. The substantial investment in transmission and distribution infrastructure is likely to facilitate the integration of more renewable energy sources, addressing one of the key challenges in the energy transition. Additionally, the plan’s emphasis on creating jobs and stimulating economic growth could have broader implications for the UK economy, potentially setting a precedent for other energy companies to follow suit.
Moreover, SSE’s commitment to maintaining a strong balance sheet and investment-grade credit ratings