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We published our half-year results for the year ending 30 September 2013 on 13 November, announcing a year-on-year drop in Group profits of 12% and an operating loss of £115m in our Energy Supply Business.You can view the presentation again by clicking the link below.
Following the announcement by the UK government that it is to consult on proposals to reduce the future costs associated with ECO and to facilitate other measures to reduce the cost of electricity and gas for customers, SSE can confirm that it will pass any resulting savings on to customers before the end of the current financial year.
26.0p interim dividend to be paid on 21 March 2014Dividend information page »
We are the only company listed on the London Stock Exchange that has economically-regulated businesses like networks and market-based businesses like electricity generation and energy supply in the UK.
Our core purpose is to provide the energy people need in a reliable and sustainable way; and our strategy is to deliver sustained real growth in the dividend.
We are one of the UK's largest generators of electricity with over 13,000MW of generation capacity in total (UK and Ireland) from the most diverse portfolio of power stations. We are the leading generator of electricity from renewables resources with a total generation capacity of 3,200MW.
SSE has the greatest diversity in fuels for generating electricity among UK generators.
The 24th Annual General Meeting (AGM) of SSE plc was held at the Perth Concert Hall on the 25 of July.Full details of this event, and previous shareholder meetings, are available using the link below.
SSE's annual report for the financial year ending 31 March 2013.
Our first commitment is to ensure energy supplies are safe and reliable. But we also provide real, practical support which we hope will bring lasting benefit to communities in a number of ways.
Clyde has the largest wind farm Community Investment Fund in Scotland which is expected to be worth around £22million (£875,000 a year for the lifetime of the wind farm).
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CCS is likely to be a crucial tool in enabling the UK to maintain secure energy supplies, meet its climate change targets, and provide affordable energy to consumers. It is also widely recognised that the economic benefits associated with the development of a UK-based CCS industry could bring to the UK economy, are substantial. The Coalition Government has recognised the key role which CCS could play, both in the UK and globally, and has committed to invest in four CCS demonstration projects. In the CSR of October 2010 the Government provided £1 billion from the public finances for the first of these projects, but has not yet decided on how the next three will be funded. The Government has also recognised that, in order to realise the full potential of CCS, a demonstration project on a gas-fired power station should be eligible for any future funding.
In July 2010 SSE announced its plans to develop a CCS project at its gas-fired power station at Peterhead in Scotland. The plan is for a post-combustion project on one of the existing gas turbines at Peterhead, which is approximately 400MW. The proposal is in development and SSE has submited a bid for EU funding for part of the project. As the project is being developed at an existing plant Peterhead will provide invaluable learning for the future retrofitting of gas power stations, which will be necessary if the UK is to meet its ambitions of decarbonising the power sector by 2030. SSE also believes that the Peterhead project offers the greatest value for money achievable in the UK due to its prime location close to potential storage sites in the North Sea, the access it has to existing pipeline infrastructure, and the fact that the cost of developing a gas CCS project is also likely to be cheaper than its coal equivalent.
For more information about our CCS projects please read our press releases on Peterhead and Ferrybridge. You can also visit our Ferrybridge website.